American Express Co (AXP.N) has announced its intention to hire about 1500 staff for tech related roles by years end. This announcement is coming at a time when most companies in the financial sector are planning more job cuts and layoffs precipitated by the slow pace of the economy and the fear of an impending recession.
The company is looking to find professionals for so many roles including data scientists, and software engineers before the year runs out. Before now and this year alone, AmEx already took in about 3600 tech employees according to an email statement released by the company’s spokesperson.
Since July, the credit card company based in New York amplified its annual revenue forecast which was predicated on the increased spending in entertainment and travel. Contrary to economic realities experienced in most sectors, credit card companies conventionally receive an agreed percentage of all dollar transactions as their fees so ordinarily such companies enjoy some advantages when the economy is passing through a moderate inflation.
Since concerns over inflation has dominated economic concerns in the U.S, many financial companies have implemented austerity measures and drastically reduced the headcount of their workers. Goldman Sach Group Inc. for instance intends to reduce its headcount from October. Others like fintech company Robinhood Markets Inc. HOOD.O, and LoanDepot Inc. LDI.N which is a mortgage lender have already trimmed their headcount in 2022.
Alex’s decision was first reported by Bloomberg News after AmEx Chief Information Officer Ravi Radhakrishnan made the announcement during an interview. AmEx had about 64,000 employees in its register as at 2021, and 22,000 of these employees operated from the U.S.