Standard Chartered CEO Backtracks on AI Replacing 'Lower-Value' Workers
At an investor event, Standard Chartered's CEO Bill Winters encountered criticism after referring to certain employees as "lower-value human capital," implying they might be substituted by AI. This remark sparked backlash on social media and from a former head of state, leading Winters to retract his statement. He clarified that his intention was not to undermine employees and reiterated the bank's dedication to reskilling its workforce. This incident underscores the continuing concerns regarding the influence of AI on employment within the financial industry.
Key facts
- Bill Winters is CEO of Standard Chartered.
- He made the comment at an investor event.
- He described workers as 'lower-value human capital'.
- The comment drew criticism on social media.
- A former head of state also criticized the remark.
- Winters walked back his statement.
- He emphasized the bank's commitment to reskilling.
- The incident relates to AI replacing workers.
Entities
Institutions
- Standard Chartered
Sources
- Quartz —