IT Home On November 3, it is reported that artificial intelligence may threaten hundreds of thousands of jobs. However, the CEO of Standard Chartered wants to convey this message to anxious employees: We have been through a similar phase before.
On Tuesday, at the Global Financial Leaders Investment Summit held by the Hong Kong Monetary Authority, when asked about the impacts of artificial intelligence development, Bill Winters said, “There is indeed panic among people.” He said that the bank currently has approximately 100,000 employees, the same number as it had when he started 11 years ago. “Over the years, we have eliminated about 25,000 positions through automation, but at the same time, we have also created new positions.”
The London-based bank announced its plans in May. By implementing artificial intelligence applications and optimizing business processes, it aims to cut back more than 15% of back-office positions by 2030, which is approximately 8,000 support-related positions.
Winters said earlier that AI could replace some “low-value labor,” and this statement caused strong controversy on social media platforms. Later, he appeared to reassure employees, emphasizing that the bank would handle the job transitions for them.
Winterthurs said that the bank “is willing to provide training for employees and fully exploit their abilities”. He also added that even if some employees eventually choose to leave, the bank has the ability to attract new people to join. “Fears do exist, but I believe appropriate skill redevelopment and training arrangements can alleviate such concerns.”
IT Home notes that many banks around the world are using artificial intelligence to improve efficiency and have announced layoff plans. Barclays plans to lay off 5,000 people, relying on artificial intelligence to cut costs. It is also the latest major bank among large-scale workforce reductions following the spread of this new technology in the banking industry.