Standard Chartered boss apologises for ‘lower-value human capital’ comments amid job cuts
Standard Chartered's CEO Bill Winters has apologized for his comments regarding job cuts, which referred to some employees as 'lower-value human capital'. The remarks were made in the context of the bank's plans to reduce its workforce by nearly 8,000 roles due to automation and AI. Despite the apology, Winters faced continued criticism for his choice of words and the implications of the layoffs.
- ▪Bill Winters, CEO of Standard Chartered, faced backlash for calling some employees 'lower-value human capital'.
- ▪The bank plans to cut approximately 7,800 back-office roles as part of its strategy to adapt to AI and automation.
- ▪Winters issued an apology on LinkedIn after receiving negative feedback about his initial comments.
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Bill Winters. Photograph: Tyrone Siu/ReutersView image in fullscreenBill Winters. Photograph: Tyrone Siu/ReutersStandard CharteredStandard Chartered boss apologises for ‘lower-value human capital’ comments amid job cutsBill Winters faced backlash over remarks about some of near 80,000 staff set to lose roles to AIMark SweneyFri 22 May 2026 06.51 EDTLast modified on Fri 22 May 2026 06.59 EDTSharePrefer the Guardian on GoogleThe 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…
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