The Newshound

Credit card giant American Express is to axe 3,500 jobs in an AI push despite profits jumping 28%

Credit card giant American Express is to axe 3,500 jobs in an AI push despite profits jumping 28%

More than 2,000 American Express employees work across its London and Burgess Hill offices, and it is not yet clear which roles face the axe. Finance chief Christophe Le Caillec said the overhaul would make the firm 'leaner, more agile' and ready for AI. Quarterly profit reached $3.71 billion. A $336 million restructuring charge marks the company's first major round of redundancies in close to ten years.

Barclays had announced 5,000 job cuts driven by AI just one day before.

Almost all Platinum cardholders renewed after the annual fee increased from $695 to $895.

AI has been cited as a factor in more than 120,000 US job cut announcements so far this year.

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 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 layoffsThe SunMajor bank with thousands of UK staff to slash 3,500 jobs in AI push
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