Standard Chartered's chief executive has told anxious employees that concerns about artificial intelligence replacing jobs are not new, even as AI may affect hundreds of thousands of roles.
Banking · AI and jobs
"We've been here before": Standard Chartered's CEO on AI job fears
The chief executive told anxious staff that AI job worries are not new, even as the technology may affect hundreds of thousands of roles.
Potential scale of impact
Hundreds of thousands
of roles may be affected by AI. The material reviewed gives no exact figure, no breakdown by role or region, and no timeframe.
The historical view
Earlier technology waves in banking and other industries also sparked fears of mass layoffs.
Automation has historically shifted work rather than eliminating it outright.
New tools have created demand for new skills and functions.
The caution
Generative AI can perform a wider range of knowledge-based tasks than earlier technologies.
Past precedents may therefore be a less reliable guide.
What will shape the outcome
Workforce changes depend on three factors
1. Pace of adoption
How quickly banks deploy AI across customer service, operations, risk and back-office functions.
2. Retraining of staff
How banks retrain existing employees for changed roles.
3. Regulatory response
How regulators respond to employment effects.
The stated impact is a preliminary indication, not a formal forecast. Specific company plans have not been independently confirmed.
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