Standard Chartered Chief Executive Bill Winters apologized for describing support-staff roles as lower-value human capital. He made the comments during a Hong Kong presentation regarding plans to automate back-office operations.
The bank intends to eliminate nearly 8,000 back-office roles. This reduction represents over 15% of its support workforce. The lender plans to complete these cuts by 2030.
Standard Chartered will integrate artificial intelligence to replace these positions. Regulators in Hong Kong and Singapore requested clarification from the bank following the remarks. Winters expressed regret on LinkedIn and stated the bank values all employees.