Standard Chartered CEO Winters says AI comments taken "out of context"

(Alliance News) - The chief executive officer of Standard Chartered PLC has rowed back on comments suggesting artificial intelligence would replace "lower-value human capital" after prompting widespread backlash as the bank announced swathes of job cuts.

Bill Winters, the Asian-focused bank's chief executive, sent a memo to workers, seen by the Press Association, saying the remarks were taken "out of context".

He said: "Many of you will have seen media coverage following the investor event in Hong Kong, particularly the reporting around automation, AI, and workforce changes.

"I know this may be unsettling when reduced to simple headlines or a quote out of context."

He said: "Where roles do fall away, it reflects changes in the work, not the value of our people."

It follows the announcement by the bank on Tuesday that it would cut around 7,800 jobs as it ramps up the use of AI across its operations.

The London-based banking giant said it will cut more than 15% of back-office roles by 2030.

Winters had told media on making the announcement that "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 comments attracted widespread criticism from shareholders, employees and across social media – including from former Singaporean president Halimah Yacob.

In a post on her Facebook page, she said: "It's disturbing to read workers described as 'lower-value human capital'."

FTSE 100 listed Standard Chartered is understood to employ around 82,000 people, with most of these in back-office roles.

It is the latest firm to cut back its staff numbers in favour of increased automation and adoption of new technologies.

The bank's job cuts are part of a fresh strategy from Winters aimed at improving profitability across the lender, which has significant operations across Asia.

Standard Chartered said it hopes the plan will boost its return on tangible equity – a profit measure used by the bank – to more than 15% by 2028, representing a three percentage point increase from 2025.

It also aims to bring its cost-to-income ratio lower on the back of its renewed efficiency drive.

The bank said it hopes changes will drive productivity improvements to help raise income per employee by around 20% by 2028.

Standard Chartered shares were 1.4% higher at 1,905.00 pence each on Wednesday afternoon in London.

By Holly Williams and Henry Saker-Clark, Press Association

Press Association: Finance

source: PA

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