Standard Chartered CEO Bill Winters walked back remarks about cutting thousands of jobs to replace workers with AI, calling his comments out of context.
Iran’s $7.7 billion crypto war chest raises alarm over sanctions evasion schemeWe're in a 'melt-up stage of the market,' Ryan Payne saysNvidia chip demand could drive market cap above $6 trillion, CEO saysSevasti Balafas: This is an 'early innings AI story'Federal Reserve rate hike fears impact market confidence as Nvidia earnings loomStandard Chartered CEO Bill Winters on Wednesday walked back comments he made at an investor event Tuesday when he said the bank plans to cut thousands of jobs as it replaces what he called "lower-value human capital" with tech powered by Winters wrote a memo to the bank's employees on Wednesday in which he sought to address concerns that arose following his comments on Tuesday, according to a report by "Many of you will have seen media coverage following the investor event in Hong Kong, particularly the reporting around automation, AI, and workforce changes," Winters wrote.
"I know this may be unsettling when reduced to simple headlines or a quote out of context. " "Where roles do fall away, it reflects changes in the work, not the value of our people," he added in an effort to clarify his comments. The walk-back comes after Winters' comments on Tuesday made headlines for appearing to dismiss job cuts affecting workers whose work in their roles amounted to "lower-value human capital.
"plan to reduce support staff by at least 15% between now and 2030, which amounts to 7,800 jobs or more. "It's not cost-cutting. It's replacing in some cases lower-value human capital with the financial capital and the investment we're putting in," Winters told journalists ahead of the presentation.
Winters previously shed light on his plans for the use of AI at Standard Chartered in an earlier memo to theERIC SCHMIDT MET WITH BOOS DURING UNIVERSITY OF ARIZONA COMMENCEMENT OVER AI FEARSHe added in his previous memo that the firm would make an effort to redeploy and retrain workers and would also handle
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New space-grade memory withstands 30x more radiation than standard flashA new ferroelectric NAND memory developed at Georgia Tech can survive up to 1 million rads of radiation, far exceeding conventional flash memory limits.
Read more »
CalMatters: $25 Million Grant to Hospitals in Need without Clear Criteria or QualifiersA $25 million emergency grant to cash-strapped hospitals became law in California, with Assembly Bill 108, signed into law by Gov. Gavin Newsom last week. The bill provides grants to public and nonprofit hospitals meeting certain criteria, including having less than 10 days of cash on hand and more than half of their patients on government-funded insurance programs or uninsured. The bill was passed in just three days, flying through both legislative chambers and announced just a week after the bill's introduction.
Read more »
Sihoo Doro C300 Pro V2: A New Standard in Ergonomic ComfortRecline into these deals!
Read more »
The Courtney Love Stamp Of Approval Is The New StandardGrammy nominations and record-breaking streaming sales are out. The Courtney Love stamp of approval is in.
Read more »