✓ verbatim from the press
Standard Chartered CEO Bill Winters apologized after calling employees who will be replaced by artificial intelligence "lower-value human capital" during an investor conference. The British bank, with approximately 82,000 employees globally, plans to cut around 7,800 back-office jobs over the next four years — about 15% of administrative roles. ✓
Press quotes (1)
"The chief executive of Standard Chartered has apologised for referring to some of the almost 8,000 staff that are set to lose their jobs to artificial intelligence as ["lower-value human capital"]. Bill Winters offered the apology after a backlash over comments he made earlier this week as the London-headquartered lender became one of the first major global banks to lay out plans to cut about 7,800 back-office roles, primarily in response to AI."
Winters' full statement was: "It's not cost-cutting. It's replacing in some cases lower-value human capital with the financial capital and the investment capital we're putting in." The comment sparked backlash and led the executive to explain himself on LinkedIn, where he said he regretted that his words had "upset some colleagues." ✓
Press quotes (1)
"It's not cost-cutting," he said. "It's replacing in some cases lower-value human capital with the financial capital and the investment capital we're putting in."
In his defense, Winters argued he was specifically referring to back-office roles more vulnerable to automation, stating that "lower-value roles are more vulnerable to automation, and that we have a responsibility to help colleagues move into higher-value roles." He said the bank has a strong track record of supporting internal transitions for employees affected by automation. ✓
Press quotes (1)
"In that context, I said that lower-value roles are more vulnerable to automation, and that we have a responsibility to help colleagues move into higher-value roles. That is what a responsible employer should do, and I am proud that our track record in supporting internal transitions is strong."
Despite the explanations, social media users criticized the language used. One LinkedIn comment said Winters "will be remembered forever as the guy who thinks his employees are of 'lesser value'." In an internal memo obtained by the BBC, the CEO acknowledged that press coverage could be "disturbing when reduced to simple headlines." ✓
Press quotes (1)
"Outro usuário comentou: "Ele será lembrado para sempre como o cara que acha que seus funcionários são de 'menor valor'". Em um memorando interno enviado no início desta semana — e ao qual a BBC teve acesso —, Winters afirmou aos funcionários que entendia que a recente cobertura da imprensa pudesse ser "perturbadora quando reduzida a manchetes simples ou a uma frase tirada de contexto"."
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What will be the reaction from unions or worker representatives at Standard Chartered?
Why it's still unknown: No consulted sources included statements from unions or employee representatives about the incident.
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What are the specific details of the internal transition program mentioned by Winters?
Why it's still unknown: The CEO claimed to have a "strong track record" of supporting internal transitions, but no concrete data was provided on success rates or number of employees relocated.
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How are other major global banks handling AI-related layoffs?
Why it's still unknown: Sources mention that Amazon, Meta and Microsoft made layoffs attributed to AI, but don't detail communication strategies or transition programs of other banks.