Standard Chartered Plc Chief Executive Bill Winters has apologised after his remarks about how artificial intelligence (AI) will affect “low-value roles” triggered widespread criticism from employees, regulators, and the public.
In a LinkedIn post on Friday, Winters said he recognised that his “choice of words” had “caused concern for some colleagues” and added: “For that, I apologise.”
The apology came just hours after he had doubled down on his earlier comments in a separate LinkedIn post, in which he said the bank had spent years investing in helping employees whose roles were affected by automation.
“In that context, I said that lower-value roles are more susceptible to automation, and that we have a responsibility to help colleagues transition into higher-value roles,” Winters wrote.
“We will continue to speak honestly about the impact of technological change, and we will continue to act responsibly in supporting our employees to adapt and succeed.”
Winters sparked controversy earlier in the week when discussing how AI would shape the lender’s plans to cut thousands of jobs. His remarks reportedly caused unease among senior managers and employees in key hubs such as India, according to people familiar with the matter.
“This is not about cost-cutting; it is about replacing, in some cases, lower-value human resources with financial capital and the investment capital we are putting in,” he said during a press briefing in Hong Kong on Tuesday.
The comments quickly spread across social media and drew criticism in Asia, which generates a significant share of the bank’s profits. Several regulators in the region reportedly held discussions with the lender following the backlash, while Winters also sent an internal memo to staff in an attempt to reassure employees.
The episode highlights the growing sensitivity around AI-driven workforce changes in the financial sector, where executives face pressure from shareholders to reduce costs and accelerate automation while also maintaining trust among employees whose roles may be affected.
The London-headquartered bank recently announced plans to eliminate nearly 8,000 support roles over the next four years, making it one of the first global lenders to outline in detail how AI is expected to reduce headcount at scale.
Winters, who has led Standard Chartered for more than a decade, also recently announced a leadership change, naming Manus Costello as the bank’s next chief financial officer to replace Diego De Giorgi after his sudden departure in February.
Costello’s promotion has fuelled speculation that he could eventually be a contender to succeed Winters, alongside more established internal candidates such as Corporate & Investment Banking head Roberto Hoornweg and newly appointed Chief Operating Officer Tanuj Kapilashrami, according to Bloomberg reports.
