Bank boss sorry after describing workers as 'lower value human capital'
The CEO of Standard Chartered, Bill Winters, has apologized for referring to certain employees as 'lower value human capital' in the context of job cuts due to automation. His comments, made during a conference, sparked backlash and he later clarified his statements on LinkedIn, expressing regret for any upset caused. Winters emphasized the bank's commitment to helping affected staff transition to higher-value roles as AI continues to reshape the workforce.
- ▪Bill Winters described some employees as 'lower value human capital' during a conference on automation.
- ▪He later apologized for his wording, stating it caused upset among colleagues.
- ▪Standard Chartered expects to cut about 15% of back office roles, approximately 7,800 positions, over the next four years.
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Bank boss sorry after describing workers as 'lower value human capital'Just nowShareSaveAdd as preferred on GoogleJemma CrewBusiness reporterPaul Yeung/Bloomberg via Getty ImagesThe boss of Standard Chartered has apologised after describing employees whose jobs are vulnerable to being replaced by Artificial Intelligence (AI) as "lower value human capital".Discussing how automation was likely to lead to thousands of job cuts at the bank at a recent conference, Bill Winters said it wasn't about cost cutting but "replacing, in some cases, lower value, human capital, with the financial capital and the investment capital that we're putting in".He later sought to contextualise the remarks via LinkedIn and said he was sorry for his wording, which had "caused upset to some colleagues".He said he…
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