Halimah Yacob calls out Standard Chartered CEO over ‘demeaning’ remarks describing staff as ‘lower-value human capital’
Singapore’s former president Halimah Yacob has spoken out against comments by Standard Chartered chief executive Bill Winters about replacing “lower-value human capital” amid job cuts across the region, describing the remarks as “demeaning” and disturbing”.
Standard Chartered recently announced that it would cut over 15 per cent of its support staff by 2030, by tapping on artificial intelligence to streamline operations.
During a briefing in Hong Kong on May 19, Mr Winters explained: “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.”
Madam Halimah, Singapore’s eighth president from 2017 to 2023, spoke out about the comment in a Facebook post on the same day, saying that it was “disturbing” to read about.
She stressed that workers are “human beings with families, not just a form of capital”, noting that they have contributed to the bank’s operations.
“It’s demeaning to describe them as ‘lower-value human capital’,” Madam Halimah wrote.
She added that the “negative description” was “not helpful”, especially for those finding jobs after retrenchment.
“Imagine the morale of those who remain behind knowing that they are just another form of capital to their employer, who don’t really care about how they feel,” she added.
“Carry out retrenchments humanely. Treat workers with respect.”
Stomp has reached out to Standard Chartered for more information.
Netizens slam ‘dehumanising’ remarks on workers
Madam Halimah’s post drew over 3,800 reactions and hundreds of shares, with many netizens voicing support for her stance.
One netizen agreed that “every worker matters”, while another emphasised that workers are “people with dignity, families, responsibilities, and years of contribution to their organisation”.
“AI and technology may change the way businesses operate, but they must never be used as an excuse to dehumanise workers or speak of them as if they are merely numbers on a balance sheet,” the netizen added.
Others urged the authorities to implement policies “to ensure corporates strive for the right balance of profitability, productivity, social good and sustainability.”
However, several netizens pointed out that job cuts were “perfectly normal”, while another pointed out that the relationship between companies and employees is ultimately transactional.
“Your company is not your family or friend. It is not supposed to be your family. You can leave the company anytime you want to... They can also let you go when they don’t need you,” the commenter wrote.
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