SINGAPORE: Singapore sovereign wealth fund Temasek Holdings has declined to comment on the controversy surrounding Standard Chartered chief’s comment on “lower value human capital,” despite being the lender’s largest shareholder.
The controversy erupted after Standard Chartered announced on Tuesday (May 18) that it plans to cut nearly 8,000 jobs by 2030 as the bank increases its reliance on artificial intelligence and automation.
Speaking at an investor briefing, Winters said the bank’s strategy was “not cost-cutting” but rather “replacing in some cases lower-value human capital with the financial capital and the investment capital we are putting in.”
He added that employees affected by the cuts would receive “good, clear notice” ahead of any changes.
The comments quickly sparked outrage online, particularly in Asia, where Standard Chartered earns most of its profits and maintains a significant presence through its regional hubs in Singapore and Hong Kong.
Among those who publicly criticised Winters was former Singapore president Halimah Yacob, who said she found the language used to describe employees troubling. In a Facebook post, she said it was “disturbing” for workers to be referred to in such impersonal and clinical terms.
The criticism continued to grow after Winters shared a LinkedIn post following the Hong Kong investor briefing. Although the post did not directly address either the job cuts or the bank’s use of AI, social media users flooded the comments section with angry responses.
One commenter wrote, “You call human beings ‘lower-value human capital’? I live in Hong Kong and will never do business with your bank.”
Facing mounting criticism, Winters later sought to calm concerns among employees in an internal memo sent on Wednesday and seen by Bloomberg News.
“Many of you will have seen media coverage following the Investor Event in Hong Kong, particularly the reporting around automation, AI, and workforce changes,” Winters wrote. “I know this may be unsettling when reduced to simple headlines or a quote out of context.”
A Standard Chartered spokesperson confirmed the authenticity of the memo.
In the message to staff, Winters struck a more conciliatory tone and stressed that the bank remained committed to supporting its workforce through the transition.
“We will continue to invest in technology, platforms, and automation to improve how we operate, serve clients and position the bank for long-term growth,” he said. “I want to be absolutely clear that the future of Standard Chartered depends on the talent, judgement, relationships, and commitment of you, our colleagues.”
Although headquartered in London, Standard Chartered generates most of its revenue from markets in Asia, Africa and the Middle East. Singapore-based Temasek Holdings is the bank’s biggest shareholder.
Temasek was approached for comment regarding Winters’ remarks and the growing public backlash but chose not to respond.
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