Standard Chartered chief apologises for calling staff 'lower value human capital'

The bank's chief executive issued a public apology after a recorded remark describing certain employees as lower-value human capital sparked immediate backlash inside and outside the firm.

Standard Chartered CEO Bill Winters used the phrase 'lower value human capital' to describe some of the bank's workers.
The remarks were made internally but became public, triggering a swift corporate apology.
Winters said he values all colleagues and is committed to supporting staff through workplace change.
Standard Chartered employs roughly 85,000 people across more than 50 markets.
The bank has not confirmed whether any formal review of the comments has been launched.

Standard Chartered chief executive Bill Winters apologised Wednesday after describing a portion of the bank’s workforce as “lower value human capital,” remarks that drew swift condemnation from staff and outside observers.

The comments, made internally, were reported by the BBC after they became known beyond the bank’s leadership. Winters did not dispute the characterisation of his words.

In a statement, Winters said he values all colleagues and is committed to helping them manage through change. He offered no further explanation of what he originally meant.

Standard Chartered employs approximately 85,000 people across more than 50 markets, with significant headcount in Asia, Africa, and the Middle East.

The apology did not address whether specific roles or departments were targeted by the remark, or whether any internal review would follow.

Labour unions and employee advocates have called for clarity on how management intends to treat affected workers going forward.

Standard Chartered is expected to face further questions from shareholders and staff at its next scheduled investor briefing.