November 3 news — AI may replace hundreds of thousands of jobs, and Standard Chartered Group CEO Bill Winters said this has happened before. Responding to questions about AI development on Tuesday, Winters said people do indeed feel fear. Standard Chartered currently has about 100,000 employees — the same size as when he joined 11 years ago. During that period, the bank eliminated about 25,000 positions through automation while replacing them with other roles. Standard Chartered announced plans in May this year to cut more than 15% of roles in corporate functions by 2030, affecting about 8,000 support positions, in order to expand AI applications and streamline processes. Winters previously said AI will replace some "lower-value human capital," sparking backlash on social media. As the global banking industry uses AI to improve efficiency, multiple banks have announced layoff plans.