American Express cuts thousands of jobs as banks shift work to AI

American Express is cutting thousands of jobs, according to Fast Company, as banks move more of their work to artificial intelligence. The news came a day after British bank Barclays said it would lay off 5% of its workers. Both companies link the cuts to AI.

What changed

Barclays announced its plan first. It said it will let go of 5% of its workforce, which is nearly 5,000 people, as it hands more of its operations to AI systems. American Express shared its own layoffs the next morning. The Fast Company report describes it as a rough week for workers in banking and finance.

Who it affects

The most direct impact is on bank employees whose jobs are being cut. But the shift can also reach customers. If banks use AI for more daily tasks, the way you get help, resolve a problem or ask a question may change.

What is not known yet

The material available does not say exactly how many jobs American Express is cutting beyond the word thousands. It does not say which roles are affected, where the cuts will happen, or which tasks AI will take over. It also does not explain how customers will notice any change.

What to do

• If you work in banking, look at which parts of your job rely on repeat tasks and build skills beyond them.
• If you are a bank customer, expect more AI in service and know how to reach a person if you need one.
• If you run a business, ask your bank how it handles support for business accounts.