Standard Chartered is facing questions from regulators in Hong Kong and Singapore after CEO Bill Winters’ “lower-value human capital” remark about AI-linked job cuts triggered criticism across Asia.
Bloomberg reported that the Monetary Authority of Singapore and the Hong Kong Monetary Authority sought clarification from the bank, including on how the planned reductions could affect local operations.
The remarks came after Standard Chartered outlined plans to cut close to 8,000 support roles over the next four years as it expands its use of AI and automation.
Winters made the comment at an investor briefing in Hong Kong while discussing the bank’s shift from some human roles toward technology and investment.
The phrasing drew criticism online and unsettled some employees, particularly in Asia, where the London-headquartered bank earns much of its profit.
According to Bloomberg, the HKMA also asked whether the remarks suggested that the bank was using AI as a reason to reduce staff.
Bank Moves to Reassure Staff After “Lower-Value Human Capital” Remark
Standard Chartered later sought to reassure employees.
In an internal memo, Winters clarified that roles may change or disappear because the nature of work is changing, not because the people affected have lower value.
The bank noted that it regularly engages regulators on strategy, growth plans and other matters.
It added that talent remains central to its plans as it invests in new roles, reskilling and redeployment.
MAS said its engagement with major banks in Singapore covers key aspects of their business on a regular basis.
The HKMA noted that it does not respond to questions about individual supervisory matters or media speculation.
Former Singapore President Halimah Yacob was among those who criticised the terminology, describing it as demeaning to discuss workers in such clinical terms.
JPMorgan Chase CEO Jamie Dimon later defended Winters. He described the comment as imprecise and said AI’s impact on employment would likely be larger than many expect, while also opening up new roles.
Standard Chartered shares edged up 0.2% in London on Thursday. The stock has gained about 65% over the past year.
Featured image: Edited by Fintech News Singapore, based on image by Bill Winters via LinkedIn
