LONDON — The chief executive of Standard Chartered has apologized after drawing criticism for comments describing some jobs vulnerable to automation as “lower value human capital.
As the CU Daily reported here, Bill Winters made the remarks during a recent investor conference while discussing the bank’s use of artificial intelligence and its impact on staffing levels, the BBC reported.
Winters had remarked that the bank’s approach was not centered on reducing costs but instead involved “replacing, in some cases, lower value, human capital, with the financial capital and the investment capital that we’re putting in.”
The comments generated criticism, prompting Winters to issue a public response on LinkedIn seeking to explain his remarks and apologize for the language used.
Causing ‘Upset’
In his first post, as reported by the BBC, Winters said he wanted to clarify both what he said and the context behind it. He acknowledged his wording “caused upset to some colleagues.”
According to the BBC, Standard Chartered has previously disclosed expectations that automation and technology changes could reduce back-office staffing by about 15% over the next four years — roughly 7,800 positions.
Winters wrote that the bank has spent years helping employees whose roles may be displaced by automation gain skills needed for new opportunities within the organization.
“In that context, 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,” Winters wrote, according to the BBC.
He added that supporting workers through internal transitions is part of being a responsible employer.
A Second Post
The BBC reported Winters later issued a second LinkedIn post after continued criticism, saying that although he had received support, questions remained about his meaning. He shared a transcript of his conference remarks and said the full context demonstrated that he values employees and remains committed to helping staff adapt to rapid change across the banking industry.
Public reaction remained mixed, according to the BBC. One commenter questioned whether the explanation materially changed the meaning of the original remarks and suggested the language reflected either poor wording or genuine belief. Another wrote that Winters would “forever be known as the guy who believes his employees are ‘lower value.’”
Standard Chartered, headquartered in the United Kingdom, employs about 82,000 people globally.
