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Standard Chartered PLC
SCBFYFinancial ServicesOTCGB
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Citi has told clients that sharp falls in HSBC Holdings PLC (LSE:HSBA) and Standard Chartered PLC (LSE:STAN) shares appear excessive following a media report that some banks have suspended opening Hong Kong accounts for mainland Chinese customers. The pair were among a group of stocks, including Prudential and AIA that fell 5-8% on Thursday after the South China Morning Post reported on the account suspensions, a story subsequently picked up by Bloomberg.
Shares in British financial services firms with exposure to China fell on Thursday, after a report in Chinese press said that residents of mainland China were facing greater constraints on opening offshore accounts at major Hong Kong banks.
Standard Chartered PLC (SCBFY) Presents at Goldman Sachs 30th Annual European Financials Conference 2026 Transcript
Bill Winters faced backlash over remarks about some of near 80,000 staff set to lose roles to AI
Standard Chartered CEO Bill Winters apologised for the upset caused to staff by his remarks about artificial intelligence replacing "lower value" human workers, but stopped short of retracting the comments on Friday.
Standard Chartered's CEO apologized for describing some workers as "lower-value human capital." Bill Winters' comments this week sparked a debate about companies' approach to staff in the AI age.
Hong Kong and Singapore regulators have sought clarity from Standard Chartered , after CEO Bill Winters said the global lender plans to replace "lower-value human capital" with technology, Bloomberg News reported on Thursday.
Standard Chartered CEO Bill Winters walked back remarks about cutting thousands of jobs to replace workers with AI, calling his comments out of context.
Standard Chartered said it plans to eliminate thousands of support roles over the next four years, joining the ranks of global lenders using artificial intelligence to trim headcount. “It's not about cost cutting," Chief Executive Officer Bill Winters said at a press briefing in Hong Kong.
“It's not cost cutting; it's replacing in some cases lower-value human capital.” Standard Chartered CEO Bill Winters delivered a blunt message on the future of the bank's workforce.
Standard Chartered CEO Bill Winters sought to assuage staff concerns on Wednesday, a day after saying that the bank will cut thousands of jobs over the next four years as it moves to replace "lower-value human capital" with technology.
Standard Chartered is undertaking sweeping job cuts as it increases its focus on AI. The global bank announced a growth plan Tuesday (May 19) that included plans for a “reduction in corporate functions roles” of more than 15%.
Standard Chartered plans to cut more than 7,000 jobs over the next four years as it boosts adoption of artificial intelligence while targeting growth.
Standard Chartered on Tuesday raised its return target to more than 15% in 2028 and said it plans to cut its corporate function roles by about 15% by 2030.
