Speaking at a conference hosted by Commonwealth Bank of Australia in Sydney on Tuesday, Sam Altman said he expected entry-level office jobs to disappear much faster after the launch of ChatGPT in 2022.

Instead, he said the reality has been different because many jobs still depend heavily on human interaction.

“I’m delighted to be wrong about this,” Altman said during a discussion with CBA chief executive Matt Comyn. “I thought there would have been more impact on entry-level white-collar jobs being eliminated by now than has actually happened.”

Altman added that he now understands why the disruption has been slower than expected.

“I now think I understand more about why it hasn’t, and I’m obviously grateful but that is an area where my intuitions were just off,” he said.

The OpenAI boss explained that while AI tools can handle technical tasks, many people still prefer dealing with humans directly. He said he once experimented with using AI to reply to Slack and email messages but later returned to answering some personally.

“We really do care about people,” Altman said. “We really do care about our interactions with people.”

That experience, he said, changed how he thinks about the future of work and the role AI will play inside companies.

“I don’t think we’re going to have the kind of jobs apocalypse that some of the companies in our space advocate or talk about,” he said.

Even so, several large companies have already linked job cuts and restructuring to AI adoption. Firms including HSBC, Amazon, Standard Chartered and Commonwealth Bank of Australia have said automation and AI tools are changing staffing needs in some departments.

Matt Comyn said AI would likely lead to smaller teams in some parts of the economy, although workers may also progress faster as technology handles routine tasks.

CBA has been investing heavily in AI and staff training as banks prepare for wider adoption of the technology. According to the bank, it plans to spend about A$90 million on reskilling programmes while annual technology investment has reached A$2.4 billion.

Altman also said AI technology is advancing faster than many businesses and institutions can absorb. While AI tools have improved rapidly, he believes enterprise adoption is still at an early stage.

He said OpenAI had been “roughly right” about the pace of technological development but “pretty wrong” about the social and economic consequences.

The remarks come as OpenAI prepares for a possible stock market listing in the United States. Reuters reported last week that the company plans to confidentially file for an initial public offering in the coming weeks.

The report said OpenAI could seek a valuation of about $1 trillion and raise at least $60 billion, which would place it among the world’s most valuable technology companies.

The weekend started with a Liverpool FC Soccer Clinic for children of clients of the Bank between the ages 5 to 18 years at the Lagos Preparatory School, Ikoyi.

Over 100 children got to improve their soccer skills with the soccer Legend and official LFC Coaches, Daniel Mapp-Jones and Peter Desmond.

This was followed by an exclusive dinner for clients with Patrik, the coaches and LFC Legend Chaperone, Robynne Hill.

The LFC soccer clinic teaches children the fundamentals of soccer and teamwork through instruction in a fun environment. It is hinged on the Standard Chartered Bank’s sponsorship of Liverpool FC and provides local markets with a platform to actively engage clients, staff and stakeholders.

Engaging the media on the clinic, Liverpool Legend Patrik Berger said, 

“I am super proud of the immense impact of sports especially football in Nigeria. Sports especially soccer brings people of diverse backgrounds together and provides the opportunity to work together, develop friendships and builds discipline and focus. It was a pleasure to work with all the children and volunteers from the Bank. Thank you to Standard Chartered and the SC Nigeria Limited team for a wonderful opportunity. I am hopeful to see some of the children go on to play professionally in the future.”

The Nigeria Official Liverpool FC Fans Club wer not left out. On Sunday, July 23, the Bank’s hosted the fan club to a private breakfast session with the Legend.

Speaking on the LFC themed weekend, Dayo Aderugbo, Head of Corporate Affairs, Brand and Marketing, Nigeria said,

“Since 2010, the partnership between Standard Chartered and Liverpool FC has generated great excitement around our brand and provides outstanding opportunities for our clients to experience it.  The loyalty of our clients and collaborations with the LFC fan club in Nigeria continue to amplify the brand and the beautiful partnership between Standard Chartered and Liverpool FC. Initiatives like these for our customers, their children and the fan club are some of the many ways we continue to reiterate to our stakeholders that we are Here for good”

Having successfully completed the previous three editions, which produced 15 winners collectively receiving over US$150,000 in seed funding, the initiative remains committed to empowering women-owned small enterprises and promoting greater gender diversity in technology entrepreneurship.

The Standard Chartered Women in Tech programme focuses on female-led entrepreneurial teams, offering them training, mentorship, and seed funding.

Similar to the previous edition, 11 aspiring businesswomen will undergo an intensive 12-week executive bootcamp, where they will engage with industry experts, business development coaches, and executives from Standard Chartered.

At the conclusion of the training period, five winners with the most compelling ideas will be selected, with each recipient being granted up to US$10,000 to invest in their ventures.

Head Corporate Affairs, Brand and Marketing for Standard Chartered Bank Nigeria Limited, Dayo Aderugbo, expressed delight about the launch of the fourth edition, emphasizing the potential impact of the programme on the socioeconomic empowerment of women entrepreneurs in Nigeria.

Aderugbo highlighted the program’s contribution to business sustainability, job creation, and its positive effect on the economy.

Since its initial launch at the City College of New York, USA in 2014, where the Women Entrepreneurs Resource Centre was established, the Women in Tech program has expanded to various markets, including Bahrain, Ghana, Zambia, Saudi Arabia, Kenya, and the UAE.

The goal is to collaborate across a range of working capital finance solutions, with an initial focus on the provision of supply chain finance and dynamic discounting. 

This marks the first MoU that Taulia has signed with a banking institution, following SAP’s acquisition of Taulia.

Taulia’s platform is leveraged by over two million businesses to determine when they want to pay and be paid. The platform enables customers to execute their working capital strategies, support suppliers with early payment, and contribute to building sustainable supply chains.

As part of the agreement, both parties will look to offer supply chain finance and dynamic discounting solutions, enabled by Taulia’s market-leading front-end platform and deeply integrated technology. 

Combined with the strength of Standard Chartered’s global presence, especially in the emerging markets, trade finance expertise and deep client relationships, the collaboration will help clients enhance the resilience and sustainability of their supply chains, by enabling their suppliers to gain access to working capital more efficiently and cost-effectively.

Through the collaboration, Standard Chartered and Taulia will join forces to extend the reach of their working capital finance solutions across both existing and new client networks, especially multinational companies that require expertise and support at a global and local level. This will be further strengthened through Taulia’s recent acquisition by SAP, which will unlock further opportunities across SAP’s growing ecosystem to deliver a differentiated experience for buyers and suppliers.

“We are proud to announce the signing of the MoU with Standard Chartered and this marks another milestone in Taulia’s journey to grow our bank network and work closely with our partners to deliver working capital solutions for all of our clients,” said Thomas Mehlkopf, Head of Working Capital Management CoE at SAP and member of the Taulia Leadership Team. “We believe that all CFOs should focus on their cash strategy to ensure growth during these turbulent times and our partnership with Standard Chartered will deliver cash when and where it is needed, especially in emerging markets.”

“Ensuring our clients are managing their working capital efficiently is a key priority in ensuring that their businesses grow sustainably, especially with the complexities and challenges in today’s supply chains,” said Kai Fehr, Global Head of Trade & Working Capital, Standard Chartered. “We are excited to work with Taulia to explore new and innovative ways to support our clients’ working capital needs, as well as extend the Bank’s leading sustainable trade expertise into their business network. Taulia’s footprint also complements that of the Bank, offering greater opportunities for us to support companies in the West with their supply chain flows into Asia, Africa and the Middle East.”

The issuance comprises a 7-year 12.75% Tranche-A and a 10-year 13.50% Tranche-B Senior Unsecured Bond.

This represents the first issuance by DIL, under its newly established NGN300 billion Debt Issuance Programme.

The bond issuance was well received by the market and recorded participation from a wide range of investors including domestic pension funds, asset managers, insurance companies and high net-worth investors.

DIL plans to utilize the net proceeds from the Series 1 bond issuance to complete the financing of the Dangote Petroleum Refinery Project, an Integrated Petrochemical Complex, and the largest Single Train Petroleum Refinery in the World, which is currently scheduled to commence operations in the first half of 2023.

Speaking on the transaction Mr Olukorede Adenowo, Standard Chartered’s Executive Director, Corporate, Commercial and Institutional Banking, Nigeria & West Africa, noted that “Standard Chartered is proud to have led this historic transaction which marks the largest corporate bond ever issued in the Nigerian capital markets, reflecting the strong credit quality of the issuer as well as the resilience of the Nigerian domestic markets, despite the current global market volatility.”

Also speaking on the transaction, Amaka Nsofor, Executive Principal, Debt Capital Markets, highlighted that “We are very pleased with this remarkable feat. Standard Chartered continues to be a leading debt capital markets house both in the domestic and international markets. In line with our mandate, we will continue to work with our clients across Africa to deliver on their growth aspirations and use our market leading position in the capital market to drive development on the continent.”

Dangote Industries is one of the leading, diversified and fully integrated conglomerates with operations in Nigeria and Africa with 11 distinct business lines, with the cement, sugar and salt business currently contributing the majority of the group earnings.

DIL also has two project companies, Dangote Oil Refinery Company Limited (“DORC”), a 650,000 b/pd integrated crude oil refinery and petrochemical plant, which is expected to be Africa’s largest oil refinery, and Dangote Fertilizer Limited (“DFL”), a facility with a production capacity of up to 2.8 Mtpa which is expected to be Africa’s largest granulated urea fertiliser manufacturing facility. DIL is currently domestically rated AA+ by GCR and AA (ngr) by Fitch Ratings.

The Bank first signed up as the Club’s main sponsor in July 2010, making the partnership one of the longest in the Premier League, and has been at a time in which Liverpool FC has enjoyed tremendous success.

Bill Winters, Group Chief Executive, Standard Chartered, said: “When we partnered with Liverpool FC in 2010, we could not have imagined the success of both the sponsorship and of the Club. With more than 770 million Liverpool FC followers across the world – many in Standard Chartered’s markets in Asia, Africa and the Middle East – the Club brings excitement and joy to so many of our colleagues, clients and their communities, and we’re proud to continue to be associated with them.

“We’re also excited to be able to recommit and increase our investment with Liverpool FC Women, who had a fantastic 2021/22 season, and have now been promoted back to the Women’s Super League. We look forward to seeing their continued success, and partnering with them to support the Bank’s Futuremakers initiative and our commitment to lifting participation by unleashing the potential of women in our markets.”

Billy Hogan, Chief Executive Officer, Liverpool Football Club, said: “This is a hugely significant partnership for LFC and I could not be prouder to confirm a four-year extension to our already long and successful partnership with Standard Chartered. We have been on an incredible journey together and Standard Chartered’s support has been a key driver in our most recent successes, both on and off the pitch, with their loyalty and commitment to Liverpool Football Club.

“Our partnership has been able to thrive because of our shared values and we look forward to continuing to work together to help and support our communities and supporters around the world.” 

For a decade, Standard Chartered and Liverpool FC (LFC) have used their partnership to support a number of the Bank’s global sustainability and community investment programmes, including Futuremakers by Standard Chartered, which focuses on empowering young people from disadvantaged backgrounds to learn, earn and grow.

Since 2019, Futuremakers has raised over USD 64 million and reached over 670,000 young people, mainly girls and women, supporting them with education, employability and entrepreneurship skills.

The Bank aims to raise USD 75 million by the end of 2023 and, with the support of LFC, to raise aspirations of young people across its markets.

The offering represents a first of its kind in Africa, and the second Green Bond Issuance by Access Bank, following its debut Naira Green Bond Issuance in 2019.

This innovative puttable Green private placement for Access Bank is a 5-year Senior Unsecured Note (Reg S) issued under Access Bank’s US$1.5 billion Global Medium-Term Note Programme and is listed on the main market of the London Stock Exchange.

The Bond was issued with a coupon of 5.50% in the first two years and then steps up (on the put option date) to 7.25% in the last 3 years to maturity, with interest payable semi-annually in arrears.

This innovative structure enabled Access Bank Plc to achieve an attractive pricing, with a blended average cost of funding below of fair value, amidst the rising and volatile interest rate environment.

The net proceeds from the issuance of the Bond, will be used by Access Bank for the financing or refinancing, in part or in full, new and/or existing projects and/or assets meeting the eligibility criteria set out in the Bank’s Green Financing Framework dated 18 November 2021, on which S&P Global Ratings has provided a second party opinion.

This deal was solely originated, executed and led by Standard Chartered, with our sustainable finance team working with Access Bank to establish a Green bond framework.

Mr. Olukorede Adenowo, Standard Chartered’ s Executive Director, Corporate, Commercial and Institutional Banking, Nigeria & West Africa, noted that “Standard Chartered is proud to once again partner with Access Bank on this momentous transaction. The success of this issuance continues to demonstrate investors’ confidence in Access’s strategy as a leading banking group out of Africa. We work with our clients across Africa to deliver on their growth aspirations and also use our market leading position in the international bond markets and sustainable financing space to drive inclusive growth and development in Africa. “

Standard Chartered Bank has led and served as Joint Lead Manager on almost all Eurobond transactions by banks in Sub Saharan Africa since 2017, underscoring its unparalleled leadership in the space.

Lamin Manjang, Chief Executive Officer, Standard Chartered Bank (Nigeria) announced the winners from the 3rd cohort of the program at the graduation ceremony in Lagos earlier today.

Like the last 2 editions, the 10 young businesswomen in this cohort where shortlisted from over 1,000 applicants and went through a rigorous 16-week executive bootcamp during which they also interacted with business development coaches and executives from Standard Chartered.

At the end of the training period, five winners with the most compelling ideas were chosen with each winner scheduled to also received up to $10, 000 in seed funding to scale up and expand their business operations.

This year’s winners, in no respective order, are;

1. Oluwadamilola Soyombo– Founder of Skooqs;
2. Bolarinwa Kemisola– Founder of Nextwear Technology;
3. Adegbite Adenike– Founder, The Trillionbucks Company;
4. Zita Agwunobi– Founder/CEO of Iverify, and
5. Wunmi Akinsola– Founder of Fashtracker

Speaking on the event, Lamin Manjang, the Country CEO, Standard Chartered Bank (Nigeria), said,

‘Today we congratulate and celebrate these exceptional women who have gone above and beyond to prioritise the growth, sustainability and community impact of their businesses.

As part of our Bold Stands, to Lift Participation, initiatives like the Women in Tech incubator gives us the opportunity to unleash the full potential of female entrepreneurs who in turn are able to improve the lives of people around the world especially Nigeria.

We continue to stand up for equitable access to financial support for women and small business. We are committed to accelerating the provision of quality financial services to women in Nigeria, purposefully connecting SMEs to international markets and building partnerships to expand the reach and scale of financial services.

“These are just some of the ways we continue to reiterate to our communities and customers that we are Here for good.

Dayo Aderugbo, Head of Corporate Affairs, Brand and Marketing, Standard Chartered Bank (Nigeria) added,

“We are optimistic about the impact this programme will have on their businesses. Through the Women in Technology Incubator program, the Bank focuses on capacity building for women-owned small enterprises, under our Futuremakers by SC Community Investment initiative, which we believe serves as a great opportunity to support greater diversity in gender representation within technology entrepreneurship for women in Nigeria. 

The resources the beneficiaries have received from the sessions are theirs for life and will certainly support the resilience of their businesses while creating employment for more women and youths in the country. 

We are excited about the endless growth opportunities and ripple effect this growth will have on the economy.

This initiative builds on the Bank’s track record of increasing women’s access to entrepreneurial finance, employability and supporting adolescent girls and women through financing and capacity building.”

Implemented for the Bank by the Enterprise Development Centre (EDC), Pan-Atlantic University (PAU), the programme targets female owned technology driven businesses, including start-ups, and provides the shortlisted candidates with training, mentorship and knowledge exchange sessions with industry experts and thriving businesses in the country. To date, nearly half a million dollars has been invested in the program in Nigeria.

The businesses five selected businesses will also receive portfolio advisory support for 10 weeks. They would be exposed to potential investors and join the global SCWIT alumni network to have access to additional networking events, resources, content, and business scaling opportunities.

Standard Chartered Bank first launched the global initiative to support women in technology in 2014 at the City College of New York, USA where it created the Women Entrepreneurs Resource Centre.

The program is currently also running Kenya, Pakistan, UAE, Zambia, Ghana and Bahrain with the aspiration to launch more tech incubator and accelerator programs for women within the Africa and the Middle East region in the coming years.