“It’s not cost cutting; it’s replacing, lower-value human capital with the financial capital”
StanChart eyes more than 7,800 job cuts by 2030 in AI embrace.
“The London bank aims to boost income per employee by 20% – and will reduce risk management, compliance and HR roles as part of that effort. Standard Chartered plans to eliminate nearly 8,000 jobs over the next four years in a further pivot toward artificial intelligence, the bank said Tuesday.
“It’s not cost cutting; it’s replacing, in some cases, lower-value human capital with the financial capital and the investment capital we’re putting in,” CEO Bill Winters, said during an investor day in Hong Kong. “We don’t have job losses, but we do have job role reductions in favor of the machines, and that will accelerate as we go forward into AI.”
Among a set of revised targets Stan Chart unveiled Tuesday, the bank aims to raise income per employee by roughly 20% by 2028. As part of that effort, the bank wants to reduce its “corporate functions roles” by more than 15% by 2030, it said. ~ Read Original Here by Dan Ennis
I did not want to comment much, after I just created my Project presentation as AI Video, however, this fascist comment coming from someone who also owes stakes in Novartis ® and who’s spouse owns the Theatre? So Drugs, sex and AI, hm… They all got to the point they don’t even feel like holding their tongue. Ouch. I cant wait for the first lawsuit. I get it, I do, there are being of lesser mental capacity out there, but going so bluntly and turning human into space trash? Are they for real? Yes you are all owners of the world: you sell people, you sell body parts, you sell drugs, you sell weapons, but don’t you think there other forces in place within this reality beyond drugs, sex and money traffic? All of this smells VERY bad, like scientology financial meeting, not A global ECONOMIC SUMMIT.
All I can say is you can EASILY determine what is the basic investment or asset of the particular bank, based on content and its structure. For the bank who primarily deal with debts, non-human assets, such as weapons, drugs or non-metal cash deposits humans are not necessary. If anything, They can actually cause trouble, with investigating their motives or cash flow. MACHINE IS NOT GOING TO CARE IF THEY STEaL or murder, or where deposits came from, etc.
Would I personally ever bank in Online only bank? Hell NO. Would I trust AI automatically select IRA for me, Hell, NO. AI ONLY banking is great for Bio-robots and Androids Beings, but it is not the only viable solution for … Humans. You know those things that still run around this planet? They called Humans. Do you consider yourself: standard or Chartered?
Craziest article and saddest so far. But then again, I saw commercial about use of AI and laughing younger employees at the elders, for not using AI, etc. Ironically, commercial popped up when I was … creating my AI Avatar. I wondered how I would react ot this millennial sadistic youth in-person? Not sure. Society has gone…
