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American Express is to slash 3,500 jobs in an AI push despite profits jumping 28% to $3.71 billion

American Express is to slash 3,500 jobs in an AI push despite profits jumping 28% to $3.71 billion

Chief financial officer Christophe Le Caillec said the cuts would make the company 'leaner, more agile, and also to prepare for AI'. The move carries a $336 million restructuring charge. Amex has not undertaken a layoff programme of this scale for close to ten years.

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

Chief executive Stephen Squeri said Amex needed to become 'more agile and efficient'.

Nearly all Platinum customers kept their cards after the annual fee rose from $695 to $895.

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