{"id":1539,"date":"2026-05-21T08:44:46","date_gmt":"2026-05-21T08:44:46","guid":{"rendered":"https:\/\/tempest-portal.com\/?p=1539"},"modified":"2026-05-21T09:25:36","modified_gmt":"2026-05-21T09:25:36","slug":"bailey-warns-ai-could-wipe-out-jobs-faster-than-expected-as-automation-reshapes-the-workplace","status":"publish","type":"post","link":"https:\/\/tempest-portal.com\/?p=1539","title":{"rendered":"Bailey warns AI could wipe out jobs faster than expected as automation reshapes the workplace"},"content":{"rendered":"

Speaking amid growing concern about the future of work, Bailey said the rapid development of AI and automation is already changing how companies operate, with businesses increasingly turning to machines and digital systems to perform tasks once handled by employees.<\/p>\n

His comments were echoed by HSBC chief executive Georges Elhedery, who said generative AI would inevitably remove some roles while also creating new ones. He urged employees not to resist the shift, but to adapt to the changes and use the technology to become more productive.<\/p>\n

The debate intensified after Standard Chartered chief executive Bill Winters faced criticism for suggesting that new technology would replace what he described as the bank\u2019s \u201clower-value human capital\u201d. The remark came as the bank confirmed plans to cut nearly 8,000 jobs.<\/p>\n

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Halimah Yacob, the former president of Singapore, where Standard Chartered has a major operational presence, called the phrase troubling. James Reed, chairman of recruitment firm Reed, also criticised the wording, saying many workers would be alarmed to hear people described in such a way.<\/p>\n

Reed said employees, especially younger workers entering the labour market, are already worried about the rise of AI. He added that companies should handle the transition more carefully and show greater responsibility towards their staff.<\/p>\n

Bailey made his comments while giving evidence to MPs on the Treasury Select Committee. He said AI could bring major disruption to the labour market sooner than expected.<\/p>\n

According to Bailey, the technology has the ability to remove jobs altogether, particularly in areas such as customer service, where chatbots and automated systems are already replacing human interaction. However, he also noted that AI could create new types of work, including roles linked to data science and technology management.<\/p>\n

Bailey compared the rise of AI with previous technological revolutions such as electricity, steam power and the internet. Those innovations transformed economies over long periods of time, often taking decades to fully reshape industries. But he warned that AI may have a faster impact because the technology is advancing at such speed.
\n<\/p>\n

Major banks are already preparing for significant changes. Morgan Stanley has estimated that more than 200,000 banking jobs across Europe could be at risk from AI over the next five years.<\/p>\n

Goldman Sachs chief operating officer John Waldron recently described some back-office banking functions as resembling a \u201chuman assembly line\u201d and said such work is likely to become increasingly digitised.<\/p>\n

HSBC\u2019s Elhedery also acknowledged the disruptive impact of AI, saying it would destroy certain jobs while creating others. He said the challenge for employers is to ensure staff do not feel excluded, anxious or overwhelmed by the pace of change.<\/p>\n

The comments from senior figures across the financial sector represent one of the clearest signals yet that AI is expected to bring major upheaval to office-based employment, particularly in roles involving repetitive administrative or customer-facing tasks.<\/p>\n

Standard Chartered\u2019s Winters later attempted to clarify his controversial remarks. In a message to employees, he said his comments had been taken out of context and that the loss of roles should not be seen as a judgement on the value of workers themselves.<\/p>\n

He told staff that where jobs disappear, it reflects changes in the nature of the work rather than the worth of the people doing it.<\/p>\n","protected":false},"excerpt":{"rendered":"

Speaking amid growing concern about the future of work, Bailey said the rapid development of AI and automation is already changing how companies operate, with businesses increasingly turning to machines…<\/p>\n","protected":false},"author":2,"featured_media":1540,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-1539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/tempest-portal.com\/index.php?rest_route=\/wp\/v2\/posts\/1539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tempest-portal.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tempest-portal.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tempest-portal.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/tempest-portal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1539"}],"version-history":[{"count":4,"href":"https:\/\/tempest-portal.com\/index.php?rest_route=\/wp\/v2\/posts\/1539\/revisions"}],"predecessor-version":[{"id":1546,"href":"https:\/\/tempest-portal.com\/index.php?rest_route=\/wp\/v2\/posts\/1539\/revisions\/1546"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tempest-portal.com\/index.php?rest_route=\/wp\/v2\/media\/1540"}],"wp:attachment":[{"href":"https:\/\/tempest-portal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tempest-portal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tempest-portal.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}