The workforce versus the machine age

STANDARD Chartered group chief executive officer Bill Winters’ recent remark that the lender would replace “lower- value human capital” with artificial intelligence (AI) may not have landed well from a public relations standpoint, but it does reflect the reality the world is facing today.

While Winters has softened the blow and offered reassurance to staff, the bank reportedly still plans to cut some 7,000 to 8,000 jobs out of its 80,000-strong global workforce by 2030.