Standard Chartered’s plan to cut around 7,800 jobs globally by 2030 has sparked intense backlash online after CEO Bill Winters described some roles as “low-value human capital” while outlining an AI-driven overhaul of the bank.The London-headquartered lender, which has major back-office operations in India, said it will eliminate about 15 per cent of corporate-function roles over the next few years as it adopts automation and artificial intelligence.Bengaluru and Chennai are expected to be among the worst-hit centres, along with Shenzhen, Kuala Lumpur and Warsaw.“We are replacing low-value human capital with financial capital and investment capital in some cases,” Winters said during an investor briefing in Hong Kong, adding that the move was “not cost cutting.”
India is also among the major centers facing cuts
The Asia-focused bank employs about 82,000 people globally, of whom more than 52,000 work in corporate functions which are now under review.According to the bank, the biggest impact will be on back-office and operational teams, including human resources, compliance and risk roles.With a large employee base in Bengaluru and Chennai, India is the hub of Standard Chartered’s global operations. The bank said the restructuring will provide affected employees with opportunities to retrain and move into new roles as AI reshapes banking operations.The move puts Standard Chartered among the growing list of global financial institutions that are aggressively adopting AI to reduce headcount and improve efficiency.
There was an uproar on social media over the CEO’s statement.
But it was Winters’ choice of term: “undervalued human capital”, which soon became an online flashpoint.Social media users accused the bank of reducing workers to disposable assets in the race for profits and automation.One user wrote: “A new name for the working class, ‘low-value human capital’.”Another posted: “Rich people now talk about real humans because of undervalued capital. Get them out.”A third user compared the comment to the infamous “let them eat cake” phrase associated with the elite’s indifference towards the common people.The reaction spread across LinkedIn, X and Facebook, especially in Asia, where Standard Chartered makes a large share of its profits.
Singapore’s former president joins the criticism
Among the prominent critics was former Singapore President Halimah Yacob, who criticized the terminology in a Facebook post, calling it “disturbing” to describe workers in such clinical terms.Singapore and Hong Kong serve as Standard Chartered’s two largest operating centres.Several LinkedIn users also threatened to sever ties with the bank over the comments.“You call humans ‘low-value human capital’? I live in Hong Kong and will never do business with your bank,” one commenter wrote under Winters’ post.
CEO attempts damage control
As outrage grew, Winters sought to assuage employees’ concerns in an internal memo circulated after the investor event.“Many of you may have seen the media coverage following the investor event in Hong Kong, particularly the reporting around automation, AI and workforce changes,” he wrote. “I know it can be irritating when it’s reduced to simple headlines or quotes taken out of context.”However, the clarification did not quell criticism, with many online users arguing that the CEO’s comments reflected how large corporations view workers in the AI age.