Halimah Yacob calls Standard Chartered CEO’s remarks ‘disturbing’ after bank announces AI-driven job cuts
Former President Halimah Yacob has criticised remarks made by Standard Chartered (StanChart) CEO Bill Winters, after the bank announced plans to cut thousands of roles globally as part of an AI-driven restructuring.
In a Facebook post on Tuesday (19 May), Madam Halimah said it was “disturbing” to read workers being described as “lower-value human capital”.
Her comments came after Mr Winters said at an investor briefing that the move was “not cost-cutting”, but involved “replacing in some cases lower-value human capital with the financial capital and the investment capital we’re putting in”.
According to Reuters’ calculation, StanChart’s plan to reduce corporate function roles by 15% by 2030 could translate to more than 7,000 job cuts among the bank’s 52,000-plus employees in such positions.
Bloomberg reported that the planned cuts could see nearly 8,000 support roles eliminated worldwide within four years.
Madam Halimah says workers should be treated with respect
In her post, Madam Halimah stressed that workers are “human beings with families”, not merely a form of capital.
“They too have contributed to the bank and now because of AI have become redundant,” she wrote, adding that it was “demeaning” to describe them as “lower-value human capital”.
Source: Halimah Yacob on Facebook
She also said such remarks could hurt both retrenched workers and those who remain with the company.
“Imagine the morale of those who remain behind knowing that they are just another form of capital to their employer, who don’t really care about how they feel (sic),” she wrote.
Madam Halimah ended her post by urging companies to “carry out retrenchments humanely” and “treat workers with respect”.
StanChart CEO says media coverage may have been ‘unsettling’
After his remarks drew backlash, Mr Winters sent a memo to Standard Chartered employees on Wednesday (20 May) seeking to reassure them.
In the memo, which was reviewed by Reuters and confirmed by a bank spokesperson, Mr Winters acknowledged that reports about the bank’s use of automation, AI, and workforce changes may have caused concern among staff.
He said the issue could be “unsettling” when reduced to headlines or a single quote taken “out of context”.
Source: Standard Chartered on Facebook
Mr Winters added that Standard Chartered’s workforce would continue to evolve, with some roles reduced, some changed, and new opportunities created.
He also said the bank would continue to prioritise reskilling and redeployment where possible, and would handle changes with “thought and care”.
According to Reuters, Mr Winters also told staff that Standard Chartered’s future depended on the “talent, judgement, relationships, and commitment” of its employees.
StanChart says some roles will reduce while others grow
According to The Straits Times, a Standard Chartered Singapore spokesperson said the bank recognised the uncertainty caused by the restructuring announcement.
“We are supporting our people through change, with respect and care,” the spokesperson said.
The bank added that while some roles would be reduced, others would grow, and new ones would emerge.
Source: Wikipedia, for illustration purposes only
Where roles are made redundant due to evolving technology, capabilities, and client needs, the bank said it would provide advance notice and engage staff early, including on possible redeployment opportunities.
Standard Chartered did not confirm whether employees in Singapore would be directly affected by the planned cuts.
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Featured image adapted from Halimah Yacob on Facebook and Standard Chartered Singapore on Facebook.
