Standard Chartered CEO Bill Winters retracted a comment made at an investor event regarding the replacement of lower-value human capital with artificial intelligence.
The bank plans to eliminate approximately 8,000 back-office and support roles by 2030. This reduction represents more than 15% of those specific positions and follows an increased reliance on AI and automation.
The remarks drew widespread criticism from social media and public figures, including Singapore’s former president. Regulators in Hong Kong and Singapore have since initiated inquiries into the bank following the controversy.
Winters clarified in a staff memo that his comments were taken out of context. He stated that role eliminations reflect evolving work requirements rather than the inherent value of the bank's employees.