Standard Chartered CEO apologizes for "lower-value human capital" remark as AI job cuts loom

Standard Chartered chief executive Bill Winters has apologised after saying artificial intelligence would replace some “lower-value human capital” at the bank, a remark that drew criticism from employees and labour groups as the lender moves ahead with plans to cut back-office jobs. In a LinkedIn post on Friday, Winters said he was “sorry” for the choice of words, after announcing earlier in the week that Standard Chartered expects to reduce those roles by about 15% by 2030 as AI takes on more routine work.