Standard Chartered CEO Bill Winters has walked back a controversial comment regarding the bank’s use of artificial intelligence.
During a recent briefing, Winters outlined plans for thousands of job cuts, using the phrase “lower-value human capital” to describe positions that could be replaced by AI.
The remark quickly drew backlash from critics who viewed the language as dismissive of employees’ contributions.
Winters later clarified his statement, explaining that his wording was poorly chosen and did not reflect the company’s values.
He emphasized that the restructuring is aimed at automating repetitive tasks, not undervaluing staff.
Standard Chartered plans to reduce its workforce by approximately 2,000 roles as part of a broader efficiency drive.
The bank expects to use AI and automation to streamline operations in back-office functions.
Winters stressed that affected employees will be offered retraining and internal redeployment opportunities.
The incident highlights ongoing tensions in the financial sector as companies embrace AI-driven cost-cutting measures.
Standard Chartered maintains that the changes are necessary for long-term competitiveness.
