StanChart walks back CEO’s remarks of workers as ‘lower-value human capital’ in announcing AI-linked layoffs - Singapore News

22 May 2026, 08:36 · The Independent

After receiving backlash for the remarks made by its CEO as AI-linked layoffs of nearly 8,000 workers were announced, Standard Chartered has sought to reassure its employees.

On Tuesday (May 19), the banking corporation’s chief executive officer, Bill Winters, had told members of the media that the layoffs were not just about cost-cutting. “It’s replacing in some cases lower-value human capital with the financial capital and the investment capital we’re putting in,” he was reported as saying.

The phrase “lower-value human capital” stood out and has been much criticised online. In Singapore, former President Halimah Yacob took exception to Mr Winters’ remark, saying in a Facebook post that had gone viral that it had been “disturbing” to read workers described in this manner.

The CEO issued a memo the following day, in which he appeared to cushion his comment.

“Many of you will have seen media coverage following the Investor Event in Hong Kong, particularly the reporting around automation, AI, and workforce changes. I know this may be unsettling when reduced to simple headlines or a quote out of context,” Reuters quoted him as saying.

“I want to be absolutely clear that the future of Standard Chartered depends on the talent, judgement, relationships, and commitment of you, our colleagues. Our progress and ambition are only possible because of what we achieve together,” Mr Winters added.

He also said in the memo that “new opportunities” would emerge following StanChart’s move to cut thousands of roles and pledged to “continue to prioritise investment in reskilling and redeployment wherever we can” as well as handle changes “with thought and care.”

The banking corporation’s Group Chief Executive, Georges Elhedery, said as much on the same day, acknowledging that while AI would be responsible for the removal of certain jobs in finance, StanChart would retrain workers amid this challenge.

The banking corporation had announced on May 19 that it was cutting 15% of its employees, or around 7,800 jobs, by 2030 as it employs Artificial Intelligence (AI) to streamline its workforce.

StanChart’s layoffs involve corporate function roles. The bank has 52,000 employees in this type of position out of a total of 82,000 of its global workforce.

The CEO added that employees who wish to be retrained would be given the chance to do so, and that positions in Chennai, Bengaluru, Kuala Lumpur, and Warsaw, where StanChart’s back-office centres are, would be the most affected.

“Of course, we’re using AI along the way, and AI will be a huge facilitator and enabler of that,” Reuters quoted Mr Winters as saying. /TISG

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