The baby boomer bank leader took to LinkedIn to admit that his words had unnerved some of his coworkers. “I have received a lot of support for the messages in my previous post but still get questions about my choice of words, which I know has caused upset to some colleagues,” Winters wrote. “For that I am sorry.”
The finance leader first made the controversial comments at an investor briefing in Hong Kong last Tuesday, saying: “[AI] is replacing, in some cases, lower value human capital with the financial capital and the investment capital we’re putting in.”
And while Winters had also added that the company is giving staffers “every opportunity to reposition” and reskill, labeling some workers as less valuable in the tech revolution quickly sparked criticism.
Winters doubled down on his AI comments in a LinkedIn post published last Friday, confirming that “back office” corporate function roles will be reduced by about 15% in the next four years—and that Standard Chartered is making an effort to move humans in “lower-value” jobs susceptible to automation into “higher-value” roles.
Backlash to the CEO’s comments comes as the conversation on AI job displacement heats up. Major employers, including Amazon, Meta, Accenture, and UPS have all tied sweeping layoffs and reduced hiring to AI-driven work efficiencies.
