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HKMA Urges STANCHART to Clarify CEO's 'Lower-Value Human Capital' Remarks: Report
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Remarks by STANCHART (02888.HK) CEO Bill Winters referring to "lower-value human capital" have captured attention from regulators in Hong Kong and Singapore, who asked the bank for clarification, Bloomberg reported, citing people with the knowledge of the matter. The Monetary Authority of Singapore (MAS) discussed the remarks on Wednesday (20th), while the Hong Kong Monetary Authority (HKMA) requested the bank to explain his comments. Earlier, Winters said that AI would streamline operations, enhance profitability and address competition. He noted that workforce reductions were not about cutting costs, but about the group using deployed financial capital and investment capital to replace "lower-value human capital". The HKMA asked STANCHART whether Winters' remarks implied that the bank was attempting to use AI as a pretext for layoffs, sources divulged. The comments also raised concerns among senior executives at its London HQ as well as employees across various business units, including those in India. The HKMA stated that it regularly communicates with authorized institutions on a broad range of matters and does not comment on routine supervisory dialogues or speculative remarks. The MAS said it regularly engages with major banks in Singapore on key aspects of their businesses. In a statement, STANCHART said that it's common practice to have regular dialogue with its regulators on wide-ranging topics, including on strategy and growth plans. Talent is core to the bank's strategy as it continues to invest to create new, reskill and redeploy roles - this will be done in line with regulatory expectations. AASTOCKS Financial News |
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