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The boss of Standard Chartered has apologised after describing employees whose jobs are vulnerable to being replaced by artificial intelligence (AI) as "lower value human capital".
Discussing how automation was likely to lead to thousands of job cuts at the bank at a recent conference, Bill Winters said it wasn't about cost cutting but "replacing, in some cases, lower value, human capital, with the financial capital and the investment capital that we're putting in".
He later sought to contextualise the remarks via LinkedIn and said he was sorry for his wording, which had "caused upset to some colleagues".
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