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Standard Chartered CEO Bill Winters apologized for remarks about AI replacing lower-value jobs after backlash from staff and regulators.
Hong Kong and Singapore regulators have sought clarification from Standard Chartered after CEO Bill Winters said the bank plans to replace “lower-value human capital” with technology. The scrutiny follows the lender’s plan to cut more than 7,000 jobs over four years.
Standard Chartered plans to eliminate more than 7,000 jobs as the bank accelerates automation and AI adoption across operations.