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2 weeks ago

Standard Chartered CEO walks back comments about replacing 'lower-value human capital' with AI

Standard Chartered CEO Bill Winters on Wednesday walked back comments he made at an investor event Tuesday when he said the bank plans to cut thousands of jobs as it replaces what he called "lower-value human capital" with tech powered by artificial intelligence (AI).Winters wrote a memo to the bank's employees on Wednesday in which he sought to address concerns that arose following his comments on Tuesday, according to a report by The Wall Street Journal."Many of you will have seen media coverage following the investor event in Hong Kong, particularly the reporting around automation, AI, and...