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00:02Standard Chartered CEO Bill Winters warned that the bank's push into AI will eliminate
00:07thousands of roles by replacing lower-value human capital with technology. The bank plans
00:13to cut more than 15% of its support staff by 2030 as it deploys artificial intelligence to
00:19streamline operations. Winters said the bank is not eliminating jobs outright but is reducing
00:24job roles in favor of machines, a trend he expects to accelerate with AI adoption.
00:30He said the bank is not eliminating jobs outright but is reducing job roles in favor of machines,
00:36a trend he expects to accelerate with AI adoption. Winters framed the workforce reduction as an
00:43investment shift rather than cost-cutting, saying the bank is replacing lower-value human capital
00:48with financial and investment capital. Other banking leaders have made similar statements.
00:53J.P. Morgan's Jamie Demon and Goldman Sachs' John Waldron both acknowledged AI's automation
01:00potential in their firms. For all things money, visit Benzinga.com.
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