Standard Chartered CEO Bill Winters Says It Will Replace 'Lower-Value Human Capital' With AI, Is Big Proponent Of Tokenization And Digital Money With '100% Traceability'
“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.”
The following report is by Sky News:
Standard Chartered bank could cut more than 7,500 jobs as it seeks to replace “lower-value human capital” under a technology and artificial intelligence (AI) drive.
The London-based but Asia-focused banking giant said it was to axe more than 15% of back-office roles by 2030 in favour of increased automation and adoption of new technologies including AI.
Standard Chartered, which also has corporate offices in Chennai, Bengaluru, Shenzhen and Warsaw, did not divulge the locations where the jobs will be lost but said that those affected would have the chance to be retained under a retraining programme.
The bank has a total global staff of nearly 82,000.
The announcement forms part of a drive by its long-serving chief executive of 11 years, Bill Winters, aimed at bolstering profitability.
He told reporters: “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.”
Mr Winters explained: “Our strategy is grounded in a simple belief: the world is becoming more connected, more complex and more cross-border.
“Our trusted ability to combine network and product capabilities to solve challenging cross-border problems is difficult to replicate.
“We are investing in the capabilities that will compound our competitive advantages and drive sustainable growth and higher quality returns over time, with clear targets in place.”
The strategy chimes with similar shake-ups across technology and financial services firms as AI technology evolves.
In Standard Chartered’s case, it estimated the plan would raise its measure of income per employee by around 20% by 2028.
AUTHOR COMMENTARY
Standard Chartered must not want people to see the original comments because I searched for a while and I cannot find that initial piece or video clip of Winters.
Nevertheless, he said what he said, and he is just the latest evil globalist who thinks he is a god and we are just cattle, tradable assets and numbers on a ledger. Expendable.
Proverbs 30:14 There is a generation, whose teeth are as swords, and their jaw teeth as knives, to devour the poor from off the earth, and the needy from among men.
I’ve said so many times before that we are that generation. ‘They’ are moving into the next phase of the Great Reset, which is mass displacement, which will lead to mass casualties, a depopulation event, as the global economy is allowed to crash and then be reset into a new totally digital, tokenized system.
Speaking of that, Winters thinks tokenization and AI money is wonderful, he said at Davos earlier this past January.
He told CNN:
“Banking is now thoroughly digital. What's coming next is that money itself, the actual instrument of money, is becoming digital.
“It starts with cryptocurrencies, but it's also not linked to a fiat currency. These things called stablecoins or central bank digital currencies or tokenized bank deposits, they're also cryptocurrencies, they're tokens. Those are now being used to move money around the world instantaneous, 24-7, indelible ledger where these things can be tracked, financial crime can be screened out, etc. That’s the future of money and it’s happening right now.
“If you don't already have it, you'll have a digital wallet and your digital wallet will sit on your phone or on your computer and instead of tapping into your bank account, you're going to go into your digital wallet, which is not going to be owned by a bank. It's going to be backed by digital money and that digital payment can go anywhere in the world instantaneously with 100% traceability.”
“[…] We’re pretty innovative, but we are very trustworthy and we’re trusted by the state and by our clients. And that’s crucial. It’s critical. It’s not understood in a sense. It will be understood as these tools are really adopted in the mainstream. They’ve been adopted thoroughly in the crypto world.
In the cryptocurrencies, it’s 100% digital. But that’s a very self-contained universe. It’s now branching into the fiat world, or some people would call it trad-fi, traditional finance. We are trad-fi. But we are the most active trad-fi player in the crypto world. We’re the third largest converter of cryptocurrency to fiat currency. So we’re the bridge. And that bridge is going to become a multi-lane highway.”
Great…
When asked if the consumer will need to understand all the inner workings of tokenization to operate in this new system, Winters said:
“If you're a consumer, not if we're doing our job well. Our job is to make it really easy for you to do what you want to do. And you want it to be safe, you want it to be transparent, and you want it to be cheap. That's what you want. And that's what we have to give you.”
In other words, a silent takeover, a quiet, covert slavery into digital chains. Only when people realize what has happened, then it will be too late.
Winters reaffirmed once again what we already knew about it, and it’s why I continue to keep beating the drum about it, just trying to get some people to wake up and resist.
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