Bank boss sorry after describing workers as 'lower value human capital'
5 hours ago
- #Workforce Automation
- #Corporate Apology
- #AI Job Impact
- Standard Chartered's CEO apologized for calling employees replaceable by AI as 'lower value human capital'.
- He clarified that AI-driven automation targets lower-value roles, with the bank aiming to help staff transition to higher-value positions.
- The bank plans to cut about 15% of back-office roles (approximately 7,800 jobs) over four years due to automation.
- AI advancements have led to significant job loss predictions, with major companies citing AI as a reason for layoffs.
- Public reaction included criticism of his wording, with some viewing it as revealing a belief in employee devaluation.