Source: Fortune
Summary
Standard Chartered CEO Bill Winters apologized for calling some workers “lower value human capital” in the context of AI automation. Winters initially made the comments at an investor briefing in Hong Kong, stating that AI is replacing some roles. He later attempted to clarify his stance on LinkedIn, but his words sparked criticism. The company plans to reduce “back office” corporate function roles by about 15% in the next four years and move humans in “lower-value” jobs susceptible to automation into “higher-value” roles.
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Standard Chartered CEO Bill Winters’ comments on AI automation sparked criticism, with some calling out the harm in automating roles deemed lesser than. Winters apologized for his word choice, but not the company’s plan to reduce “lower-value” roles. The company will offer future opportunities for “higher skill, long-term employment” in and outside of the global bank. Winters’ transparency on the issue has been met with both appreciation and disappointment. The conversation on AI job displacement heats up, with major employers like Amazon, Meta, Accenture, and UPS tying sweeping layoffs and reduced hiring to AI-driven work efficiencies.
When CEOs talk about AI, they often use words like “opportunities” and “transitions,” but the reality is that some workers will be left behind.
Author: Evan Null
