Standard Chartered PLC·Financial Services

Bill Winters faced backlash over remarks about some of near 80,000 staff set to lose roles to AI

Standard Chartered CEO Bill Winters apologised for the upset caused to staff by his remarks about artificial intelligence replacing "lower value" human workers, but stopped short of retracting the comments on Friday.

Standard Chartered's CEO apologized for describing some workers as "lower-value human capital." Bill Winters' comments this week sparked a debate about companies' approach to staff in the AI age.

Hong Kong and Singapore regulators have sought clarity from Standard Chartered , after CEO Bill Winters said the global lender plans to replace "lower-value human capital" with technology, Bloomberg News reported on Thursday.

Standard Chartered CEO Bill Winters walked back remarks about cutting thousands of jobs to replace workers with AI, calling his comments out of context.

Standard Chartered said it plans to eliminate thousands of support roles over the next four years, joining the ranks of global lenders using artificial intelligence to trim headcount. “It's not about cost cutting," Chief Executive Officer Bill Winters said at a press briefing in Hong Kong.
Standard Chartered PLC, together with its subsidiaries, provides various banking products and services primarily in Asia, Africa, Europe, the Americas, and the Middle East. The company operates through two segments: Corporate, Commercial and Institutional Banking; and Consumer, Private and Business Banking. It offers retail products, such as deposits, savings, mortgages, credit cards, and personal loans; wealth management products and services that include investments, portfolio management, insurance, and wealth advices; and transaction banking services, such as cash management, working capital, and trade financing products. The company also provides financial markets products and services that comprise project and transportation financing, debt capital markets and leveraged financing, financing and securities services, and sales and structuring services, as well as macro, commodities, and credit trading services. In addition, it offers digital banking solutions. The company serves financial institutions, governments, banks, investors, corporations, small businesses, and individuals. It operates through approximately 776 branches. The company was founded in 1853 and is headquartered in London, the United Kingdom.
Financial Services
Banks - Diversified
80,946
2019-10-08
0.59