Standard Chartered CEO Says AI Is Stirring Fear, Recalls 25,000 Role Changes

Standard Chartered CEO Bill Winters said AI is unsettling bank employees and described how the lender eliminated about 25,000 positions through automation over 11 years while filling other roles.

Speaking Tuesday, Nov. 3, at the Global Financial Leaders’ Investment Summit hosted by the Hong Kong Monetary Authority, Winters said employees were worried about AI. He added that the industry had experienced similar transitions before.

Standard Chartered has about 100,000 employees, roughly the number at the bank when Winters joined 11 years ago, he said. Over that period, automation eliminated about 25,000 positions, which the bank replaced with other roles.

The London-headquartered bank’s business network is concentrated in Asia, Africa and the Middle East.