Standard Chartered CEO Winters on AI's Impact on Jobs: Fear Is Real, Training Is the Cure
Standard Chartered CEO Winters, responding to AI's impact on jobs at the Hong Kong Monetary Authority's Global Financial Leaders' Investment Summit, said employees' sense of panic is real, but reskilling and training can ease concerns. Standard Chartered currently has about 100,000 employees, roughly the same as 11 years ago; during that period, automation cut about 25,000 positions while creating new ones. In May, the bank announced plans to cut more than 15% of back-office roles by 2030, about 8,000 support positions. Barclays also plans to cut 5,000 jobs to reduce costs with AI.
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On Tuesday, at the Global Financial Leaders' Investment Summit hosted by the Hong Kong Monetary Authority, when asked about the impact of AI development, Bill Winters said: "There is indeed a sense of panic among people." He said the bank currently has about 100,000 employees, the same size as when he joined 11 years ago. "Over the years we have cut about 25,000 positions through automation, but at the same time we have created other new positions."
The London-based bank announced plans in May to cut more than 15% of back-office function positions by 2030 as it deploys AI applications and optimizes business processes, corresponding to roughly 8,000 support roles.
Winters said the bank is "willing to provide training for employees to fully tap their capabilities." He added that even if some employees ultimately choose to leave, the bank is capable of attracting new people to join. "The fear is real, but I think appropriate reskilling and training arrangements can alleviate this concern."
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