Standard Chartered CEO apologises for 'lower-value human capital' comment criticised by Halimah Yacob

Bill Winters, the group chief executive at Standard Chartered, has apologised for recent comments he made that drew criticism from the public, including former Singapore president Halimah Yacob.

Following the May 19 announcement of plans by the London-based lender to cut more than 7,000 jobs over the next four years in favour of artificial intelligence (AI), Winters reportedly told the media: "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."

In a LinkedIn post on Friday (May 22), the 64-year-old apologised for his "choice of words" which had "caused upset to some colleagues".

He shared a verbatim transcript of his interview, where he shared that the people who "knew that they were gonna be affected" were being reskilled "at the earliest possibility."

"We're not long on talent in the markets where we operate, because these markets are growing fast. So, the people that want to reskill, that want to carry on, we're giving every opportunity to reposition," it read.

The decision was not for the purposes of "cost-cutting", it continued.

"It's replacing, in some cases, lower-value human capital, with the financial capital and the investment capital that we're putting in. But almost always, with good, clear notice going forward."

Despite his clarifications, Winters' post was received poorly by other LinkedIn users.

One comment read: "I'm struggling to see the difference between what you said and what is written. This was either a poor choice of words or an honest belief that came out as intended."

"Sorry, but the long version doesn't change anything," read another.

Others said that they still could not "get around those four words, 'lower-value human capital' or that Winters was "out-of-touch" and "privileged".

However, one commenter suggested that he should have made a "distinction between 'lower value-adding roles' and 'lower value-adding people", and that he may have meant the former.

Other commenters maintained that Winters' statement was previously misconstrued when not shared in full.

'Disturbing to read' and 'demeaning'

In a Facebook post on May 19, Halimah Yacob shared her criticism of Winters' statement.

"Workers are human beings with families, not just a form of capital," she wrote. "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'."

A lawyer by training, Halimah previously spent 33 years with the National Trade Unions Congress (NTUC) in various posts, including as its legal services director.

She was also the first Singaporean on the governing body of the Geneva-based International Labour Organisation, a position she held for 12 years.

Halimah called Winters' description of workers "disturbing to read" and urged employers to carry out retrenchments humanely and respectfully.

"After the retrenchment, they need to look for other jobs, and this negative description is not helpful." she wrote.

"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."

According to Standard Chartered's website, it employs around 9,000 people in Singapore, accounting for 10 per cent of its workforce.

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drimac@asiaone.com

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