Standard Chartered Group CEO Bill Winters issued a memo to employees Wednesday walking back a comment he made the previous day, in which he described workers being replaced by artificial intelligence as "lower-value human capital."
Bill Winters drew criticism on social media and from a former head of state after describing workers as "lower-value human capital" at an investor event
Bloomberg / Getty Images
Standard Chartered Group CEO Bill Winters issued a memo to employees Wednesday walking back a comment he made the previous day, in which he described workers being replaced by artificial intelligence as "lower-value human capital."
The remark came Tuesday at an investor event in Hong Kong, where Winters announced plans to reduce corporate function roles by more than 15% by 2030 — a figure that amounts to roughly 8,000 positions, according to The Wall Street Journal. The bank had roughly 81,000 employees at the end of 2025 and a further 17,000 contract workers, according to The Wall Street Journal. Roles in human resources, risk, and compliance are among those affected.
"It's not cost cutting. It's replacing in some cases lower-value human capital with the financial capital and the investment capital we're putting in," Winters told reporters ahead of the presentation.
Former Singapore President Halimah Yacob was among those who publicly rebuked Winters, writing on Facebook $META that it was "disturbing to read workers described as 'lower-value human capital,'" according to Bloomberg. Singapore and Hong Kong serve as the primary hubs for Standard Chartered's global operations, and the bank generates the bulk of its profits in Asia.
The Wednesday memo, reported by Bloomberg, marked a shift in register from Winters' remarks the day before. "I know this may be unsettling when reduced to simple headlines or a quote out of context," he wrote. "Where roles do fall away, it reflects changes in the work, not the value of our people," he added, according to The Wall Street Journal.
The memo also contained a direct appeal to employees. "I want to be absolutely clear that the future of Standard Chartered depends on the talent, judgement, relationships, and commitment of you, our colleagues," Winters wrote, according to Bloomberg.
The bank's growth plan targets an increase in income per employee of roughly 20% by 2028, aided by what the company describes as scaling automation, advanced analytics, and artificial intelligence to streamline processes and improve decision-making. At the investor presentation, the bank pointed to concrete applications of the technology, including its use in flagging suspicious transactions more accurately and easing the compliance burden that has weighed on financial institutions since the 2008-9 crisis, according to The Wall Street Journal.
Ahead of Tuesday's presentation, Winters had already moved to get in front of potential anxiety within the organization, circulating a memo that acknowledged workforce changes were coming while promising "some roles will reduce, others will grow, and new ones will emerge" and that departures would be handled "with respect and care," according to The Wall Street Journal. Winters has led the London-listed bank since 2015.
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