Standard Chartered Chief Executive Bill Winters tried to calm employees after his comments about using artificial intelligence to replace “lower-value human capital” sparked a fierce backlash on social media and even from a former head of state.
“Many of you may have seen the media coverage following the Investor Event in Hong Kong, especially the stories about automation, AI and workforce changes,” Winters wrote in a memo to employees on Wednesday, seen by Bloomberg News. “I know this can be uncomfortable when reduced to simplistic headlines or an out-of-context quote.”
A Standard Chartered spokesperson confirmed the content of the note.
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Winters’ remarks, made on Tuesday, came as the London-based bank revealed plans to eliminate nearly 8,000 support roles over the next four years — making it one of the first global financial institutions to detail how it hopes to use AI to reduce headcount.
“This is not about cutting costs; it is, in some cases, replacing lower-value human capital with the financial and investment capital that we are allocating,” he said in a briefing, adding that affected employees would receive “clear and adequate advance notice.”
The way the executive referred to workers generated outrage on social media and in several countries in Asia, a region that accounts for the majority of Standard Chartered’s profits.
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Among the critics was former Singapore President Halimah Yacob, who called the terminology used by Winters “disturbing” in a Facebook post, criticizing the fact that workers were spoken of in such clinical terms. Singapore and Hong Kong are the main hubs for the bank’s global operations.
In a later LinkedIn post after the Hong Kong event, Winters did not directly mention AI or job cuts, but still faced harsh comments on the platform.
“You call human beings ‘lowest value human capital’? I live in Hong Kong and will never do business with your bank,” one user wrote.
In Wednesday’s internal memo, the CEO adopted a more empathetic tone, emphasizing Standard Chartered’s commitment to supporting the transition of its workforce.
“We will continue to invest in technology, platforms and automation to improve our operations, customer service and position the bank for long-term growth,” said Winters. “I want to be absolutely clear that the future of Standard Chartered depends on the talent, judgment, relationships and commitment of you, our colleagues.”
Although it is headquartered in London, Standard Chartered generates most of its revenue in Asia, Africa and the Middle East. Singapore is home to its largest shareholder, state investor Temasek Holdings.
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A Temasek spokesperson declined to comment on the executive’s statements made on Tuesday.
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