7,000 Workers Disengaged As AI Replaces Human Jobs
Standard Chartered has announced plans to cut more than 7,000 jobs globally as part of a major shift towards Artificial Intelligence-driven operations.
The bank’s chief executive, Bill Winters, said the move was aimed at improving efficiency through technology rather than simply reducing costs.
Speaking on the development, Winters explained that the bank would invest heavily in AI systems to replace what he described as “lower-value human capital.”
“It’s not cost-cutting,” Winters said.
“It’s replacing in some cases lower-value human capital with the financial capital and the investment capital we’re putting in.”
The restructuring, expected to take place over the next four years, will affect about 7,800 employees out of the bank’s nearly 82,000 global workforce.
According to Winters, workers willing to adapt to the changing system would be given opportunities to acquire new skills and transition into other roles within the organisation.
“So, the people that want to reskill, that want to carry on, we’re giving every opportunity to reposition,” he added.
Employees in back-office hubs including Chennai, Bengaluru, Kuala Lumpur and Warsaw are expected to be among the most affected by the planned layoffs.
The announcement comes amid growing global concerns over the rapid adoption of AI technology and its impact on jobs and human productivity.
Recently, Eric Schmidt was booed during an appearance at the University of Arizona after saying AI’s “technological transformation” would be “larger, faster and more consequential than what came before.”
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
