Standard Chartered CEO Bill Winters has issued an apology after remarks made at a recent conference where he described employees whose jobs are vulnerable to automation as "lower value human capital." Winters stated that the bank's move towards automation was not primarily about cost-cutting, but rather "replacing, in some cases, lower value, human capital, with the financial capital and the investment capital that we're putting in," as he said during the conference.
Following the conference, Winters took to LinkedIn to contextualize his statements, expressing regret for his wording, which he acknowledged had "caused upset to some colleagues." He emphasized his commitment to assisting staff in adapting to "the accelerating pace of change" within the industry, according to his post.
The remarks come at a time when the proliferation of AI tools is fueling predictions of significant job displacement, particularly impacting tech workers and graduates. Major technology firms like Amazon, Meta, and Microsoft, alongside financial services companies, have attributed tens of thousands of layoffs over the past year to the increasing use of AI, as reported.
In his initial LinkedIn post, Winters stated his intention to clarify the context and reasoning behind his conference comments. He reiterated the bank's previously stated expectation that back-office roles are projected to decrease by approximately 15% over the next four years, a reduction estimated to affect around 7,800 positions, he said. Winters also highlighted the bank's long-standing practice of supporting colleagues whose roles might be displaced by automation, helping them acquire the necessary skills for new opportunities within the organization, as he said.
He further elaborated in writing, stating, "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." He added, "That is what a responsible employer should do, and I am proud that our track record in supporting internal transitions is strong."
In a subsequent post, Winters noted that while his first message had garnered considerable support, questions remained. To address these, he shared a transcript of his full conference remarks, intending to provide a clearer understanding of the "important point I was raising." He asserted that the complete statement underscored his high regard for all colleagues and the bank's unwavering commitment to aiding them through the rapid industry transformations, according to his statement.
However, some reactions to Winters's posts indicated a continued disconnect. In comments under his second post, one user stated they were struggling to discern a difference between his conference statements and his written clarifications, suggesting it was "either a poor choice of words or an honest belief that came out as intended." Another commenter remarked, "You will forever be known as the guy who believes his employees are 'lower value.'"
