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Standard Chartered plans to lay off 8,000 employees; CEO issues an apology for comments about replacing "low-value human capital"
【Caixin】 Standard Chartered Group (02888.HK) announced at a recent Investor Day that, in response to the expansion of artificial intelligence (AI) applications, it plans to cut more than 15% of back-office positions before 2030. Based on the number of employees stated in Standard Chartered’s 2025 annual report, nearly 8,000 staff members are expected to be affected. On the same day, Standard Chartered CEO Bill Winters also said the company intends to replace “lower-value human capital,” a remark that sparked widespread controversy.
On May 22, 2026, Bill Winters most recently wrote on his LinkedIn page to apologize for his above-mentioned “lower-value human capital” remarks that displeased some colleagues. He also attached the verbatim transcript of the Investor Day remarks, to fully convey his position.