Standard Chartered CEO Bill Winters is trying to calm staff after comments about replacing 'lower-value human capital' with technology sparked concerns.
In a memo reviewed by Reuters, Winters acknowledged the media coverage may be unsettling. He said the bank had been open that its workforce will evolve, with some roles reduced, changed, or replaced by new opportunities. He stressed the bank will prioritize reskilling and redeployment.
The bank plans to cut 15% of corporate function roles by 2030, which translates to nearly 8,000 job cuts out of more than 52,000 staff in those roles. Winters said it's not cost-cutting but replacing some human capital with financial and investment capital.
StanChart's move comes as more global firms, including Mizuho and HSBC, adopt AI to improve efficiency. HSBC CEO Georges Elhedery said AI will both destroy and create jobs, and the bank is retraining its workforce.
Winters ended his memo by emphasizing the bank's future depends on its talent, judgment, relationships, and commitment of its colleagues.