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STANCHART CEO Reassures Staff, Tones Down Remarks on 'Lower-Value Human Capital'
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STANCHART (02888.HK) Group CEO Bill Winters said at an investor event on Tuesday (19th) that AI will streamline operations, enhance profitability and address competition. He said workforce reductions are not about cutting costs, but about the group using deployed financial capital and investment capital to replace "lower-value human capital". In an email to staff yesterday (20th), he sought to reassure employees, noting that many may have seen media coverage following the Hong Kong investor event, particularly reports concerning automation, AI and the workforce. He acknowledged that when the issue is reduced to simple headlines or taken out of context, it may cause unease. He said the bank has always been transparent that changes to the workforce are expected, with some roles being reduced while new opportunities will emerge. The bank will continue to prioritize investment in reskilling and redeployment wherever possible. If changes do occur, they will be carefully considered and prudently managed. The bank will continue to invest in technology, platforms and automation to improve operations and customer service, and to prepare for long-term growth. AASTOCKS Financial News |
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