Banking Union Urges StanChart to Invest in Training Workers as 'AI Should Complement Employees'

Bank boss sorry for saying AI would replace ‘lower-value human capital’ amid job cuts

The Asian-focused bank unveiled plans on Tuesday to cut around 7,800 jobs as it ramps up the use of AI across its operations

Banking union urges StanChart to invest in training workers as 'AI should complement employees'

The global bank earlier said it would cut 15 per cent of corporate function roles – or more than 7,000 jobs – by 2030.

A CEO of a Bank Just Said Something So Ghoulish About Its Plans for AI That He's Now in Full Damage Control Mode

AI has emboldened CEOs to make all kinds of smug declarations that betray their contempt for lowly human laborers. But Bill Winters, the CEO of the British multinational bank Standard Chartered, said something so viscerally off-putting that he’s now gone into full damage control mode to get the heat off his back. On Wednesday, he wrote an internal memo to employees attempting to explain away his remark that he would be firing thousands of worker…

Bank CEO Calls Workers ‘Lower-Value Human Capital’ and Plans to Replace Them With AI

The CEO of a London-based banking giant triggered a backlash among shareholders, customers and social media users after describing the staff he plans to replace with AI as “lower-value human capital”.  Standard Chartered plans to axe nearly 8,000 jobs as it ramps up its use of artificial intelligence and automation.  The bank’s CEO, Bill Winters, announced the plans as part of a drive to improve profitability across its global operations.  “It’s…

Standard Chartered to Cut 7,000 Jobs by 2030, Boost AI Investment

Standard Chartered Bank, a London-based financial institution commonly known as StanChart, has announced plans to cut more than 7,000 jobs by 2030 as part of a broader effort to enhance profitability and streamline operations. The job reductions will be accompanied by increased investment in technology, automation, and artificial intelligence, signaling a strategic shift toward digital transformation in the banking sector. The announcement under…

StanChart CEO’s “Lower-Value Human Capital” Remark Draws Regulatory Scrutiny

Standard Chartered is facing questions from regulators in Hong Kong and Singapore after CEO Bill Winters’ “lower-value human capital” remark about AI-linked job cuts triggered criticism across Asia. Bloomberg reported that the Monetary Authority of Singapore and the Hong Kong Monetary Authority sought clarification from the bank, including on how the planned reductions could affect local operations. The remarks came after Standard Chartered outl…