PUBLISHED ONMay 20, 2026 9:41 AMBYSean LerWorkers are human beings with families, and those who have contributed to Standard Chartered should not be negatively described as "lower-value human capital", said former President Halimah Yacob.
Writing in a Facebook post on Tuesday (May 19), the former president took issue with chief executive officer Bill Winters' description of retrenched workers, calling it demeaning.
"Workers are human beings with families, not just a form of capital. They too have contributed to the bank and now because of AI have become redundant. It's demeaning to describe them as 'lower-value human capital," Halimah said.
The London-headquartered lender on Tuesday announced plans to cut more than 7,000 jobs over the next four years as it boosts adoption of artificial intelligence (AI) while targeting growth.
Speaking to reporters then, Winters said the reduction will be driven by automation and adoption of AI as some staff reskill.
"It's not cost-cutting. It's replacing in some cases lower-value human capital with the financial capital and the investment capital we're putting in," he said.
Winters then struck a more conciliatory tone in an email sent to staff on Wednesday, saying that reports of his comments might be "unsettling when reduced to simple headlines or a quote out of context", reported Financial Times.
He said the bank would "prioritise investment in reskilling and redeployment wherever we can".
Halimah, a lawyer by training, had spent 33 years with the National Trade Unions Congress (NTUC) — the heart of Singapore's labour movement — serving in various posts, including as its legal services director.
She also represented Singapore on the governing body of the Geneva-based International Labour Organisation for 12 years and was the first Singaporean to do so.
Apart from calling Winters' description of workers "disturbing to read", Halimah also urged employers to carry out retrenchments humanely and to treat workers with respect.
"After the retrenchment, they need to look for other jobs and this negative description is not helpful.
"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," she asked.
According to the bank's website, it has around 9,000 employees in Singapore, accounting for just under 10 per cent of the global head count.
StanChart's move to streamline operations and rein in costs comes as more global firms slash jobs by deploying AI to improve efficiency. And banks globally are scrambling to integrate frontier AI models and fend off rising cyber threats.
According to a survey by human resources firm Manpower Group's Global Talent Barometer 2026 report, about 58 per cent of Singapore workers worry that AI will replace them in the next two years.
In his May Day Rally (May 1) speech, Prime Minister Lawrence Wong, acknowledging the uncertainties and fears faced by workers, assured workers that support will be given to help them adapt.
Five days later, during the parliamentary motion of no "jobless growth" put forth by labour chief Ng Chee Meng, Manpower Minister Dr Tan See Leng pledged that the Singapore Government will not allow Singaporeans to become "helpless passengers" even as AI propels the country into the future.
At the Future Economy Conference on May 13, Acting Minister for Transport Jeffrey Siow, who is co-chair of an Economic Strategy Review committee that evaluated Singapore's global competitiveness, noted that the AI transition will likely lead to workers experiencing more frequent career transitions, be it voluntary or involuntary.
He said the Government should should keep a close watch on the impact AI has on the workforce and consider policy adjustments if there is "more severe or broad-based disruption than expected".
This, he said, is to ensure that gains from AI are shared fairly across society.
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