00:00Another bank boss has delivered a warning about AI and jobs.
00:03And this time, the message was blunt.
00:06Standard Chartered boss Bill Winters said the lender plans to eliminate thousands of jobs
00:11as what he called lower-value human capital is replaced with technology.
00:16And his choice of words has raised some eyebrows.
00:19But he joins a growing chorus of finance leaders
00:22making candid statements about the realities of automation.
00:26J.P. Morgan CEO Jamie Dimon compared AI's disruptive potential to the invention of the steam engine,
00:34while Goldman Sachs president and COO John Waldron
00:37recently described portions of the firm's traditional operation
00:41as a human assembly line prime for automation.
00:46With warnings like these and a steady drumbeat of job cuts,
00:50public anxiety over the impact of AI is growing.
00:53In the U.S., half of adults report having more concerns than excitement about AI's proliferation,
01:00according to data from Pew.
01:01The banking sector's rapid adoption of these advanced systems
01:05is also drawing scrutiny from global regulators.
01:09The IMF estimates that up to 40% of jobs globally could be affected by AI,
01:14with advanced economies and their large financial sectors among the most exposed.
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