Standard Chartered’s chief has attempted to limit the fallout after saying AI would replace “lower-value human capital”, telling staff that the bank still valued their work even as it pressed ahead with plans to cut 8,000 jobs.
On Tuesday, Bill Winters told journalists that sweeping back-office lay-offs would permit the lender to replace “in some cases, lower-value human capital with the financial capital and investment capital we’re putting in”.
He struck a more conciliatory tone in an email to staff sent on Wednesday and seen by the FT, repeating a message that “where roles do fall away, it reflects changes in the work, not the value of our people”.
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