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US card giant American Express is to axe 3,500 jobs in an AI push despite its profits jumping 28 per cent

US card giant American Express is to axe 3,500 jobs in an AI push despite its profits jumping 28 per cent

More than 2,000 American Express staff at offices in London and Burgess Hill remain uncertain about their futures. Chief financial officer Christophe Le Caillec said the cuts would make the firm 'leaner, more agile' and ready for AI. The company has booked a $336 million restructuring charge. It is the card giant's biggest cull since a similar exercise nearly a decade ago.

American Express made a $3.71 billion profit in the quarter despite stubbornly high inflation.

Nearly all Platinum customers have kept the card after its annual fee rose from $695 to $895.

The cuts come days after Barclays announced plans to eliminate 5,000 jobs in its own AI drive.

MoreThe TelegraphAmerican Express to axe 3,500 jobsThe 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 CardAPAmerican Express profits rise; company plans to cut workforce by 5%, or about 3,500 employeesNY PostAmerican Express to slash 5% of workforce in latest AI-driven layoffsReutersAmEx lifts 2026 profit forecast, plans to cut 5% of workforceReutersAmEx CEO says company to cut 5% of total workforceThe SunMajor bank with thousands of UK staff to slash 3,500 jobs in AI push
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