The CEO of Standard Chartered, Bill Winters, has issued a candid warning about the future of the workforce, stating that the advancement of artificial intelligence (AI) will eliminate thousands of roles as the bank replaces "low-value human capital" with technology.

On Tuesday, the bank unveiled a plan to streamline its operations by expanding AI applications, aiming to cut over 15% of support positions by 2030. As of the end of last year, approximately 52,000 employees held such roles.

Winters remarked at a briefing in Hong Kong, "This is not simply about cost reduction; in some instances, it involves substituting low-value human capital with the financial and investment capital we deploy." He added that affected employees would receive "clear and ample notice" well in advance.

He further explained, "We are not reducing work, but we are indeed reducing the number of positions to make way for machines—a trend that will accelerate with the progression of AI."

Winters' comments reflect a growing willingness among global financial industry leaders to address the realities of automation openly, marking a shift from earlier narratives that portrayed AI purely as a tool to augment rather than replace human labor.