On May 20 local time, Standard Chartered CEO Bill Winters apologized to employees in an internal memo, attempting to quell the significant controversy sparked by his prior reference to staff as "low-value human capital."

On May 19, Standard Chartered Group unveiled a new medium-to-long-term strategy, announcing plans to cut over 15% of corporate function-related roles by 2030, affecting nearly 8,000 employees. While explaining this move during an investor briefing, Winters stated this was not about cost-cutting but, in some instances, about replacing low-value human capital with the bank's invested financial and investment capital.

This phrasing quickly triggered a strong backlash on social media. Critics included former Singaporean President Halimah Yacob, who posted on Facebook that describing workers with such detached terminology was disturbing. Given that Singapore and Hong Kong are major hubs for Standard Chartered's global operations, the remarks drew widespread condemnation across Asia.

In an internal memo sent to staff the following day, Winters' tone was noticeably softened. He wrote that he understood how such information, when reduced to simple headlines or taken out of context, could be unsettling. He emphasized that the bank's future relies on the talent, judgment, relationships, and dedication of its employees. He also stated that the bank would prioritize investment in reskilling and redeployment.

The job cuts are primarily focused on back-office functions such as Human Resources, Risk, Compliance, and Operations. Affected operational centers include Chennai and Bangalore in India, Kuala Lumpur in Malaysia, and Warsaw in Poland.