StanChart Clarifies Talent Strategy After "Lower-Value Human Capital" Comment Sparks Criticism

MT Newswires Live05-21 20:41

Standard Chartered (HKG:2888) has responded to backlash following Bill Winters' remark about replacing "lower-value human capital" with financial and investment capital.

"Talent is core to our strategy as we continue to invest to create new, reskill and redeploy roles - this will be done in line with regulatory expectations," Global Head of Corporate Communications Robbie Sommerville told MT Newswires.

"Where roles fall away in line with evolving technology, capabilities, and client needs, we will engage early and support them through change," he added, responding to a request for comment by MT Newswires.

The backlash came about as a result of Winters' comments around the bank's plans to slash corporate function roles by more than 15% by 2030.

Winters previously reassured staff in a memo on Wednesday, writing "Many of you will have seen media coverage following the Investor Event in Hong Kong, particularly the reporting around automation, AI, and workforce changes," Bloomberg reported.

"I know this may be unsettling when reduced to simple headlines or a quote out of context," he added in the memo seen by Bloomberg News.

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