Standard Chartered's Chief Executive Officer Bill Winters has apologized for comments made earlier this week regarding how artificial intelligence would impact "low-value human capital," a statement that previously sparked strong public reaction.
Winters wrote on LinkedIn on Friday that he realized his "choice of words" had "caused some colleagues to be upset." He added, "I am sorry for that."
The post was published hours after Winters attempted to defend his remarks in another LinkedIn post. He wrote that for years, the bank has been committed to assisting employees whose jobs have been disrupted by automation.
"In that context, I said that low-value roles are more easily automated, and we have a responsibility to help colleagues transition to higher-value roles," he wrote. "We will continue to have open conversations about the impact of technological change and will continue to responsibly support our people in adapting and succeeding."
Earlier this week, Winters made some controversial remarks when discussing the impact of artificial intelligence on the bank's plan to cut thousands of positions.
"This is not simply about cost reduction; in some cases, it is about replacing low-value human capital with the financial and investment capital we deploy," he said during a briefing in Hong Kong on Tuesday. Following these comments, some regulatory authorities in Asia held discussions with Standard Chartered, and Winters also issued a memo to employees to reassure them.
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