Standard Chartered CEO Apologizes After Calling Some Workers “Lower-Value Human Capital” Amid AI Job Cuts.

The chief executive officer of Standard Chartered, Bill Winters, has apologized after facing heavy backlash over comments he made while discussing artificial intelligence and planned job cuts at the bank.

During an investor event in Hong Kong, Winters said the bank was replacing “lower-value human capital” with investments in technology and automation. The remarks quickly triggered criticism from workers, labour advocates, and members of the public who accused the bank boss of reducing employees to disposable assets.

The controversy came after Standard Chartered revealed plans to cut nearly 8,000 back-office jobs — around 15 percent of support staff roles — over the next few years as AI becomes more integrated into banking operations. The affected positions are expected to be concentrated in countries including India, Malaysia, China, and Poland.

Following the backlash, Winters posted a public apology on LinkedIn, admitting that his “choice of words” caused upset among colleagues.

“For that I am sorry,” he wrote, while insisting that his comments were not intended to insult workers personally. He later explained that he meant some roles were becoming lower-value because of automation, not the people performing them.

The comments also drew reactions from major figures in the financial sector. Jamie Dimon reportedly described the remarks as “inartful,” while still acknowledging that AI is expected to replace some jobs across the banking industry.

Reports say regulators in Hong Kong and Singapore also sought clarification from the bank over the controversial statement as concerns continue to grow globally about the impact of artificial intelligence on employment.