Standard Chartered to cut over 7,000 jobs amid AI push
Standard Chartered will cut roughly 7,800 back-office jobs over the next four years as it automates processes using artificial intelligence. The London-headquartered bank says it will try to move some affected workers into other roles across the business but did not disclose which locations will be affected. The reductions mark a major operational shift for the bank, accelerating AI-driven automation that could lower costs, reduce manual processing, and reshape hiring in banking.
Miller Lite quote of the day comes from the absolute ghouls at Standard Chartered (British bank) who are cutting 7,000 jobs (hey AI)
Tom Hearden16Bloomberg is running with this story to their credit
BrokenBanker3that'll be Bill Winter, the CEO, who I believe is an American
Flakmagnet 3I think it best that schools start teaching kids and employers alike that the only reason we have 2-day weekends and limited hours etc is because of the (demonstrated) threat of the systematic extermination of exploitative bosses. A reminder is clearly overdue
Engineer Hawk2In my career, I have to say corporate America thinks the same way; they are just smart enough to not say it out loud. Corporate management thinks the work they do is somehow unique and valuable while they view the work of their employees as an expensive commodity that should be reduced.
Standard Chartered CEO Bill Winters delivered a blunt message on the future of the bank’s workforce, warning that a push into artificial intelligence will eliminate thousands of roles as the lender replaces “lower-value human capital” with technology bloom.bg/4wCnbEb 📷️: Chris J. Ratcliffe/Bloomberg
nightbird49.bsky.social11"lower value human capital"?? He's talking about PEOPLE who will lose their livelihoods. What a disgusting specimen
michaelkj.bsky.social4So poor people are now “lower-value capital.” Bill is a fine example of what privilege combined with empathy deprivation looks like.
Pilthy Figsty4One day these capitalists will realise that human beings make up the most vital cog in the system. Sadly, that's also the day when they'll replace it with outright feudalism.
Mr.Eddie89763Just tax the living crap out of him and all the rest of the billionaire class They're a "net-negative" on society and anyone that works for a living
Martin2What he's failed to realise is that he's cutting off his talent pool for the future. It's the juniors (I'm not going to use his terminology) who learn on the job and move on to more challenging roles. AI can't and won't do that.
panino2the terminology used here is terrifying. "Lower-value human capital" is dehumanizing and typical of CEOs with a god complex. they should be censured and made to apologize.
