Boss of a $52 billion investment bank turns to AI to replace 8000 ‘lower-value human capital’
The boss of a $52 billion investment bank has described a plan to slash 8000 jobs over the next four years as a reduction in "lower-value human capital".
Standard Chartered chief executive Bill Winters told reporters this week there would be job "reductions in favour of machines, and that will accelerate as we go forward into AI (artificial intelligence)".
"It's not cost-cutting," Winters said.
Standard Chartered chief executive Bill Winters is planning to shed some of the company's "lower-value human capital". (Bloomberg)
"It's replacing, in some cases, lower-value human capital with the financial capital and investment capital we're putting in."
The comments are the latest public admission from a major financial or tech institution on the rapid path towards g...