Standard Chartered Chief Executive Apologises for 'Lower Value Human Capital' Employee Comments
Bill Winters, the chief executive of Standard Chartered, has offered an apology following his characterisation of employees susceptible to AI replacement as 'lower value human capital'. Speaking at a recent conference, Winters discussed the anticipated elimination of thousands of roles within the bank due to automation, framing it as 'replacing, in some cases, lower value, human capital, with the financial capital and the investment capital that we're putting in'.
His subsequent LinkedIn post expressed regret for the wording, acknowledging it had 'caused upset to some colleagues'. Winters affirmed his commitment to assisting staff in navigating 'the accelerating pace of change' within the industry.
The bank, headquartered in the UK with approximately 82,000 employees predominantly in back-office functions, projects a 15% reduction in these roles over the next four years, equating to around 7,800 positions. Winters clarified that the institution has a track record of supporting staff whose positions are displaced by automation, aiding them in developing skills for new internal opportunities.
Despite his efforts to provide context, some online commentators expressed scepticism regarding the sincerity of his apology. One individual noted, 'This was either a poor choice of words or an honest belief that came out as intended,' while another stated, 'You will forever be known as the guy who believes his employees are 'lower value'.'
