StanChart CEO Says AI to Replace ‘Lower-Value Human Capital’

Standard Chartered Plc Chief Executive Officer Bill Winters delivered a blunt message on the future of the bank’s workforce, warning that a push into artificial intelligence will eliminate thousands of roles as the lender replaces “lower-value human capital” with technology.

The bank on Tuesday unveiled a plan to cut more than 15% of its support staff by 2030 through building up its use of AI to streamline operations. It employed about 52,000 people in such roles at the end of last year, with a footprint spanning India, China, Poland, Singapore, and Hong Kong.