Bill Winters, the boss of Standard Chartered, has issued an apology after describing employees whose jobs are at risk from AI as 'lower value human capital' - a phrase that sounds less like corporate strategy and more like a dystopian sci-fi villain's internal monologue.

Speaking at a recent investors conference, Winters explained that automation would likely lead to thousands of job cuts, but insisted it wasn't about cost cutting. 'It's about replacing, in some cases, lower value, human capital, with the financial capital and the investment capital that we're putting in,' he said, presumably while wearing a black turtleneck and stroking a cat.

After the remarks caused predictable upset, Winters took to LinkedIn to clarify. He said he was sorry for his wording, which had 'caused upset to some colleagues,' and committed to helping staff 'cope with the accelerating pace of change.' In a follow-up post, he shared a full transcript of his comments, apparently hoping people would see the 'important point' he was raising. Commenters were not entirely convinced: one noted they were 'struggling to see the difference,' while another predicted Winters would 'forever be known as the guy who believes his employees are lower value.'

The bank, which employs about 82,000 people - mostly in back-office roles - expects to cut about 15% of those roles (roughly 7,800 jobs) over the next four years due to automation. Winters stressed the bank has long helped displaced workers build skills for new opportunities. 'That is what a responsible employer should do,' he wrote, adding that the bank's track record on internal transitions is strong.

AI-driven job losses are a growing theme across industries: Amazon, Meta, Microsoft, and numerous financial firms have already blamed tens of thousands of layoffs on AI in the past year. But Winters has learned the hard way that calling your own staff 'lower value human capital' is not the most effective way to manage morale - or public relations.