<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The boss of a $52 billion investment bank has described a plan to slash 8000 jobs over the next four years as a reduction in "lower-value human capital".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Standard Chartered chief executive Bill Winters told reporters this week there would be job "reductions in favour of machines, and that will accelerate as we go forward into AI (artificial intelligence)".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"It's not cost-cutting," Winters said.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/coles-curb-violence-against-workers-footage-reveals-shocking-treatment-crime-stoppers-victoria/bd4fbf4b-7404-45e8-9edd-3e58d4df3224" rel="" target="_blank" title="Coles looks to curb violence against workers after footage reveals shocking treatment"><strong><span>Coles looks to curb violence against workers after footage reveals shocking treatment</span></strong></a><strong></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"It's replacing, in some cases, lower-value human capital with the financial capital and investment capital we're putting in."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The comments are the latest public admission from a major financial or tech institution on the rapid path towards greater AI integration in the workplace.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>And Australia is not immune — thousands of local jobs have either been replaced or put on the chopping block already this year.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/world/ai-workplace-changes-standard-chartered-ceo-bill-winters-says-8000-lower-valuehuman-capital-to-be-replaced/2c93a77e-eaa0-4110-916c-46c275c578d9" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Aussie tech darling </span><a href="https://www.9news.com.au/national/atlassian-job-losses-aussie-software-company-blames-ai-cutting-1600-jobs/e45e3983-1e46-4430-b699-031a4b7c6c9f" rel="" target="_blank" title="Atlassian earlier this year announced plans to lay off 1600 workers"><span>Atlassian earlier this year announced plans to lay off 1600 workers</span></a><span>, 10 per cent of its global staff, to restructure the business around an increased use of AI.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>About </span><a href="https://www.9news.com.au/world/amazon-job-cuts-employees-streamline-operations-ai/5edcf236-ea2a-4d44-89da-328223ed81c3" rel="" target="_blank" title="16,000 jobs have been cut at Amazon"><span>16,000 jobs have been cut at Amazon</span></a><span>, 2000 at WiseTech, 1600 at Meta, </span><a href="https://www.9news.com.au/national/block-square-afterpay-cash-app-job-cuts-jack-dorsey/a7216538-7d78-4c61-831d-6d023116213f" target="" title="4000 at Block"><span>4000 at Block</span></a><span>, 1000 at Salesforce, 800 at eBay and 780 at Pinterest so far this year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But it is the reference to workers as "lower-value human capital" that is setting off alarm bells.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/wasted-carparks-one-billion-dollar-problem-grattan-institute/74a9ed96-e5be-43a7-82c5-70cc6719f7fa" rel="" target="_blank" title="Australia is wasting $1 billion every year on building 'unnecessary' parking spaces, report finds"><strong><span>Australia is wasting $1 billion every year on building 'unnecessary' parking spaces, report finds</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Karlie Cremin, the chief executive of Dynamic Leadership Programs Australia (DLPA) and Crestcom ANZ, said it was "one of the more derogatory ways people have been referred to".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"It feels like a timewarp to the 1980s," she told nine.com.au.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"How could you think people will stay motivated in your organisation when you're referring to them in that way, it's just insane."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>She said these kinds of announcements usually meant a redundancy period with a long tail, which could leave workers feeling in a state of limbo for several years.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"He (Winters) is going to need these people over at least four years," Cremin said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"They don't know what the AI rollout is going to look like for them – I don't know any organisation that really knows how it's going to happen."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/federal-budget-2026-aussie-business-owners-unite-against-pms-tax-reform/161fefc4-6127-4b59-a159-6c688e0c7dda" rel="" target="_blank" title="'Aspiration ambush': Aussie business owners unite against PM's tax reform"><strong><span>'Aspiration ambush': Aussie business owners unite against PM's tax reform</span></strong></a><strong></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Cremin said such comments trampled on the social contract between an employer and the employee.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Other organisations who have already gone down this path have realised that a lot of what humans bring is judgement, and other things that aren't quantified in monetary value - and those places are learning that the hard way when they shed workers," she said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Hopefully there are enough places out there that still value respecting their workforce. But I do think that workers are being backed into a corner."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><strong><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here via</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="_blank"><strong><em><span>Google Play</span></em></strong></a></li><li><strong><em><span>Make 9News your preferred source on Google by</span></em></strong><span> </span><a href="https://9.nine.com.au/8x987w" target="_blank"><strong><em><span>ticking this box here</span></em></strong></a></li><li><strong><em><span>Sign up to</span></em></strong><span> </span><a href="https://login.nine.com.au/edm?client_id=nineatnine" target="_blank"><strong><em><span>our breaking newsletter here</span></em></strong></a></li></ul></div></div>