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Standard Chartered's chief executive, Bill Winters, on Wednesday retracted comments he made at an investor event on Tuesday in which he said the bank plans to cut thousands of jobs as it replaces what he called “low numbers of people” with tech-backed technology. artificial intelligence (AI).
Winters wrote a memo to the bank's employees on Wednesday where he wanted to fix the problems that arose following his comments on Tuesday, according to the report. The Wall Street Journal.
“Many of you will have seen the news coverage following the Hong Kong investor event, particularly on automated reporting, AI, and workforce changes,” Winters wrote. “I know this can be offensive if it's reduced to simple headlines or quoting out of context.”
“When the roles fall, it shows changes in the work, not the importance of our people,” he added in an attempt to clarify his comments.
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Standard Chartered's chief executive, Bill Winters, has commented on the company's AI-related job cuts. (Chris J. Ratcliffe/Bloomberg via Getty Images)
The backlash comes after Winters' comments on Tuesday made headlines for appearing to dismiss job cuts affecting workers whose jobs in their roles equate to a “minimum number of people”.
Winters spoke at an event in Hong Kong about Standard Chartered's they plan to cut support workers by at least 15% between now and 2030, which is 7,800 jobs or more.
“It's not a cut in spending. In some cases it's changing people's money and the funds and investments we're putting in place,” Winters told reporters before the launch.
FOX Business has reached out to Standard Chartered for comment.
META SHIFTS 7,000 EMPLOYEES TO AI FACILITIES AS ATTENDANTS, MANAGER CUTTING LOOM
| A ticker | Security | Finally | Change | change % |
|---|---|---|---|---|
| SCBFY | Company STANDARD CHARTERED PLC | 52.535 | +1.64 |
+3.21% |
The Journal reported that Winters' presentation provided investors with information about Standard Chartered's plans Implementation of AIsuch as reducing the number of false positives in the analysis carried out to detect financial crimes.
The company also said that AI can reduce the manual work required to ensure compliance and compliance financial regulations.
Winters previously shed light on his plans to use AI at Standard Chartered in an earlier memo to company employeeswhere he explains that, “Some roles will decrease, others will increase, and new ones will appear.”
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Standard Chartered is on a mission to use AI tools in banking applications. (Cheng Xin/Getty Images)
He added in his previous memo that the company will make an effort to reinvest and train workers and will also host. job losses “with respect and care.”
Standard Chartered had around 81,000 employees by the end of 2025, and 17,000 contract workers.
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