https://preview.redd.it/mvwjuqmtym2h1.png?width=1440&format=png&auto=webp&s=91fe0228d647b7d99e94ef503ce99ca67ee2d4b0 The CEO of British bank Standard Chartered, Bill Winters, sent an internal memo to employees on Wednesday to clarify a phrase he used. Earlier at a presentation in Hong Kong, the executive stated that the company will be replacing its “low-value human capital” with artificial intelligence. Under their new financial strategy, the London based bank is going to completely cut 15% of its workforce by 2030, which works out to roughly 8,000 jobs. Winters pointed out to investors that this isn’t just about saving money, and that the bank is basically swapping human resources for financial and investment capital. According to the Wall Street Journal, the term “low-value human capital” caused some intense backlash on the internet. A Financial Times blog made fun of the phrase and even put out ironic merch, while Singapore’s former president Halimah Yacob posted on her Facebook page that referring to staff with terms like that is pretty disturbing. After the heavy pushback, Winters wrote the special memo to his team to specify that the job cuts just reflect changes in the work process itself, not the actual worth of the people. You can see a similar trend happening across other financial institutions too. Just recently another massive UK bank, HSBC, talked about potentially cutting up to 20,000 roles because of new tech being introduced. The current market shows that the corporate sector has shifted into a new phase of large scale automation, where algorithms are taking over traditional admin roles. Source: https://futurism.com/future-society/bank-ceo-ai-damage-control submitted by /u/andrewaltair
Originally posted by u/andrewaltair on r/ArtificialInteligence
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