Standard Chartered Bank plans to cut nearly 7,800 jobs globally by 2030, sparking an online backlash after Chief Executive Bill Winters described some positions as “low-value human capital” as he outlined the bank’s artificial intelligence-driven overhaul.The London-headquartered bank, which has major back-office operations in India, said about 15% of corporate functional roles will be eliminated in the next few years as automation and artificial intelligence are adopted.Bengaluru and Chennai are expected to be the worst-hit centers along with Shenzhen, Kuala Lumpur and Warsaw.“In some cases, we are replacing low-value human capital with the financial capital and investment capital that we put in,” Winters told an investor briefing in Hong Kong, while insisting the move was “not a cost-cutting move.”
Indian hub among key centers facing job cuts
The Asia-focused bank has nearly 82,000 employees worldwide, more than 52,000 of whom are currently under review.The biggest impact will be on back-office and operations teams, including human resources, compliance and risk roles, the bank said.India is the center of Standard Chartered’s global operations, with a large number of employees in Bangalore and Chennai. The bank said employees affected by the restructuring will be given opportunities to retrain and take on new roles as artificial intelligence reshapes banking operations.The move puts Standard Chartered among a growing number of global financial institutions actively adopting artificial intelligence to reduce headcount and increase efficiency.
Social media erupts over CEO’s comments
But it was Winters’ choice of words: “low-value human capital” that quickly became the focus online.Social media users accused the bank of reducing workers to disposable assets in the race for profits and automation.One user wrote: “The new name for the working class is ‘low value human capital’.”Another posted: “Rich people are talking about low value capital now. Let them go.”A third user compared the quote to the infamous “let them eat cake” line, which is associated with the indifference of elites towards ordinary people.The backlash spread to LinkedIn, X and Facebook, especially in Asia, where Standard Chartered makes a large portion of its profits.
Singapore’s former president also joins the chorus of criticism
Former Singapore president Halimah Yacob, one of the prominent critics, criticized the term in a Facebook post, saying it was “disturbing” to describe workers in such clinical terms.Singapore and Hong Kong are Standard Chartered’s two largest operating centers.Some LinkedIn users also threatened to cut ties with the bank over the comments.“You call humans ‘low value human capital’? I live in Hong Kong and would never do business with your bank,” one commenter wrote under Winters’ post.
CEO attempts damage control
As outrage grew, Winters sought to calm employee concerns in an internal memo distributed after the investor event.“Many of you will have seen media coverage following the Hong Kong investor event, particularly around automation, artificial intelligence and changes in the workforce,” he wrote. “I know this can be disturbing when reduced to simple headlines or quotes taken out of context.”The clarification did little to slow criticism, however, with many online users arguing the CEO’s comments reflected how big companies increasingly view workers in the age of artificial intelligence.
