Standard Chartered's Chief Executive apologised after using the term "lower-value human capital" for some workers. This comment was made at an investor event in Hong Kong when he spoke about the bank’s strategy and the growing use of artificial intelligence. The phrase caused strong criticism from employees, people online, and international leaders, who felt it did not respect the staff.

The apology came as the bank announced plans to cut around 8,000 office jobs by 2030. These job losses are linked to increasing automation and the use of AI. The bank said the affected roles are mainly in corporate functions.

This situation shows how banks must be careful with their language during major workforce changes. Many experts say the words used can influence how employees feel and affect the company’s reputation. Other banks making similar changes are using more careful language.