Standard Chartered boss apologises for ‘lower-value human capital’ comments amid job cuts
Standard Chartered CEO Bill Winters apologized for referring to nearly 8,000 staff slated to lose their jobs to AI as 'lower-value human capital'. The bank plans to cut about 7,800 back-office roles, among the first major global banks to do so due to AI.
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Key points
- Standard Chartered CEO Bill Winters apologized for calling laid-off staff 'lower-value human capital'
- The bank plans to cut about 7,800 back-office jobs due to AI
- It is among the first major global banks to make such large cuts driven by AI
Why it matters
This matters because standard Chartered CEO Bill Winters apologized for calling laid-off staff 'lower-value human capital'.
Technical impact
May affect developer workflows, team collaboration, automation capability, and toolchain choices.
Bill Winters faced backlash over remarks about some of near 8,000 staff set to lose roles to AI
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.
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