There’s a long list of things you probably shouldn’t call your employees. “Lower-value human capital” is near the top.
Standard Chartered CEO Bill Winters found that out the hard way after describing the bank’s AI-driven workforce reduction in precisely those terms during a media briefing on May 19. The comment, made while outlining plans to eliminate nearly 8,000 back-office support roles by 2030, sparked immediate backlash from employees, regulators, and the general public.
Winters took to LinkedIn on May 22 to issue an apology, acknowledging that his choice of words may have upset colleagues. He reiterated the bank’s stated commitment to transitioning affected employees into what the bank considers “higher-value roles.”
The numbers behind the restructuring
The job cuts represent over 15% of Standard Chartered’s back-office workforce. The elimination timeline stretches to 2030, giving the bank roughly four years to phase out roles it believes AI can handle more efficiently.
