Amex Plans Job Cuts, Sets AI Rules as Gen Z Spending Jumps 35%
What's happening
American Express announced it will eliminate approximately 4.5% to 5% of its global workforce and remove management layers while expanding artificial intelligence across customer service and commerce. The company also introduced rules limiting how outside agents can access customers' accounts and benefits. In the same earnings update, Amex said Gen Z cardholder spending is up 35% year over year. The moves mirror other banks cutting jobs as they scale AI, with Barclays planning roughly 5,000 cuts and NAB axing 2,500 roles citing technological change.
Why it's trending
Cuts and AI rules are rising because large financial firms are formalizing AI in operations while citing productivity gains and changing customer behavior (notably a big Gen Z spending increase).
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Original sources6
- Amex Plans Job Cuts, Sets AI Rules as Gen Z Spending Jumps 35%
American Express is cutting management layers and expanding artificial intelligence across customer service and commerce, with rules governing how outside agents reach customers’ accounts and benefits. According to a Friday (Oct. 23) third-quarter earnings presentation and management commentary on an earnings call, the company expects to eliminate approximately 5% of positions globally following a
PYMNTSOct 23 - Amex to shrink workforce
The card company plans to cut 4.5% of its employees to become more “agile and efficient” as it adjusts to more use of artificial intelligence, CEO Stephen Squeri said.
Payments DiveOct 23 - Barclays Plans 5,000 Job Cuts as AI Push Reshapes Operations
Barclays plans to eliminate about 5,000 jobs this year as the British bank expands its use of artificial intelligence (AI) and technology to improve productivity and reduce costs, even as third-quarter profits rose. The reductions represent about 5% of the bank’s workforce, Barclays said Thursday (Oct. 22). About 60% will affect support functions, including software […] The post Barclays Pla
PYMNTSOct 22
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