Standard Chartered CEO apologises for his ‘choice of words’ used to defend AI layoffs

Standard Chartered CEO Bill Winters faced backlash for calling AI’s impact the replacement of “lower-value human capital.” The bank plans to cut 7,000 jobs, with over 15% of support staff affected by 2030. Winters later apologized for his wording, emphasizing colleague value and commitment to reskilling and repositioning staff amidst industry changes.