\n\tBy Denise Wee, Ambereen Choudhury and Kiuyan Wong<\/p>\n
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\n\tStandard Chartered Plc Chief Executive Officer Bill Winters sought to reassure staff after his remarks on using artificial intelligence to replace \u201clower-value human capital\u201d triggered a sharp backlash on social media and from a former head of state.<\/p>\n
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\n\t\u201cMany of you will have seen media coverage following the Investor Event in Hong Kong, particularly the reporting around automation, AI, and workforce changes,\u201d Winters wrote in a memo to staff on Wednesday that was seen by Bloomberg News. \u201cI know this may be unsettling when reduced to simple headlines or a quote out of context.\u201d<\/p>\n
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\n\tThe memo was confirmed by a Standard Chartered spokesman.<\/p>\n
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\n\tWinters\u2019 remarks on Tuesday came as the London-based lender disclosed that it plans to eliminate close to 8,000 support roles over the next four years, one of the first global banks to set out how it expects AI to trim headcount.<\/p>\n
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\n\t\u201cIt\u2019s not cost cutting; it\u2019s replacing in some cases lower-value human capital with the financial capital and the investment capital we\u2019re putting in,\u201d Winters said at a briefing, adding that affected employees would receive \u201cgood clear notice\u201d ahead of time.<\/p>\n
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\n\tThe phrasing drew condemnation on social media and across Asia, a region that generates the bulk of the bank\u2019s profits.<\/p>\n
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\n\tAmong the critics was former Singapore President Halimah Yacob, who condemned the executive\u2019s terminology in a Facebook post, calling it \u201cdisturbing\u201d to describe workers in such clinical terms. Singapore and Hong Kong serve as the primary hubs for Standard Chartered\u2019s global operations.<\/p>\n
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\n\tIn a LinkedIn post following the briefing in Hong Kong, Winters didn\u2019t directly refer to AI or the job reductions. Still, some LinkedIn members left scorching comments.\u00a0<\/p>\n
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\n\t\u201cYou call human beings \u2018lower value human capital? I live in Hong Kong and will never do business with your bank,\u201d one of the commentator said.<\/p>\n
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\n\tIn his Wednesday memo to employees, Winters adopted a more empathetic tone, emphasizing the bank\u2019s commitment to transitioning its workforce.<\/p>\n
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\n\t\u201cWe will continue to invest in technology, platforms, and automation to improve how we operate, serve clients and position the Bank for long-term growth,\u201d Winters said. \u201cI want to be absolutely clear that the future of Standard Chartered depends on the talent, judgement, relationships, and commitment of you, our colleagues.\u201d<\/p>\n
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\n\tWhile headquartered in London, Standard Chartered\u2019s generates the vast majority of its revenue in Asia, Africa, and the Middle East. Singapore is home to its largest shareholder, the state-owned investor Temasek Holdings Pte.\u00a0<\/p>\n
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\n\tA spokesman for Temasek declined to comment on the CEO\u2019s remarks from Tuesday.<\/p>\n
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