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Credit card giant American Express is to slash 3,500 jobs in an AI push DESPITE a 28% profit surge

Credit card giant American Express is to slash 3,500 jobs in an AI push DESPITE a 28% profit surge

Christophe Le Caillec, the firm's chief financial officer, said the overhaul would make the company 'leaner, more agile, and also to prepare for AI'. The cuts will hit around 5% of its global staff, including potentially some of the 2,000-plus workers in London and Burgess Hill. It is the first big wave of Amex layoffs in almost ten years. Shares closed down more than 3% on the news.

Quarterly profit hit $3.71bn as cardholders swallowed the Platinum fee's rise to $895.

Barclays revealed 5,000 job cuts just days earlier in its own AI drive.

Amex is booking a $336m restructuring charge but won't say which roles go.

MoreThe IndependentAmex slashes 3,500 jobs and joins other financial companies culling staff as some leaders admit it’s for AIThe IndependentAmerican Express announces 3,500 layoffs despite profit jump and success of $895 Platinum CardNY PostAmerican Express to slash 5% of workforce in latest AI-driven layoffsThe American BazaarAmerican Express to cut 3,500 jobs despite 28% profit surge - The American BazaarThe SunMajor bank with thousands of UK staff to slash 3,500 jobs in AI push
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