Standard Chartered CEO Apologises for Controversial Remarks on Job Cuts
The chief executive of Standard Chartered, Bill Winters, has issued an apology after referring to some of the nearly 8,000 employees who are set to lose their jobs to artificial intelligence as "lower-value human capital". The apology came following a significant backlash on social media and beyond.
Winters made the initial comments earlier this week as the London-headquartered bank announced plans to cut approximately 7,800 back-office roles, primarily driven by the adoption of AI technology. This move makes Standard Chartered one of the first major global banks to outline such extensive job reductions linked to automation.
In his initial statement, Winters attempted to clarify that the decision was not purely about cost-cutting. "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."
Following a wave of negative comments on his earlier LinkedIn post, where he tried to explain the broader context, Winters posted a second apology on Friday. In the first post, he stated: "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. We will continue to speak honestly about the impact of technological change, and we will continue to act responsibly in helping our people to adapt and succeed."
Despite this attempt, the backlash continued, prompting Winters to return to LinkedIn with a more direct apology. He wrote: "I have received a lot of support for the messages in my previous post but still get questions about my choice of words, which I know has caused upset to some colleagues. For that I am sorry."
However, Winters again sought to justify his comments by providing the full transcript of his original remarks, hoping it would offer a "better understanding" of his point and expressing his desire to "help them to cope with the accelerating pace of change in our industry."
Many commenters remained critical of his second attempt. One wrote: "I'm struggling to see the difference between what you said and what is written. This was either a poor choice of words or an honest belief that came out as intended." Another added: "Your comments were utterly disgusting. You should be ashamed of yourself for committing them to a post."
Details of the Job Cuts
Standard Chartered intends to cut 15% of its more than 52,000 back-office roles by 2030. The company has a global workforce of almost 82,000. The most affected roles will be those within the bank's back-office centres, including locations in Chennai, Bengaluru, Kuala Lumpur, and Warsaw.
The cuts, alongside higher shareholder return targets announced in a strategy update, come as the bank is nearing the end of a decade-long effort to transform itself from a potential takeover target to a steadily profitable lender.
