On expansion spree, the American multinational that specialized in payment card services, American Express Company, is looking to hire around 1,500 people for technology roles. The announcement comes amid growing worries around the slowing economy that recently prompted top US financial companies to cut jobs in recent months.
US technology majors including Microsoft are reported to have cut jobs and stalled all new hiring fearing an economic downturn. Meanwhile, American Express looks to hire new professionals in the roles such as data scientist, software engineer and others by the end of the year.
According to the company, it has so far hired as many as 3,600 new technology employees this year. The New York-based AmEx bumped up its annual revenue forecast in July, boosted by a surge in spending on travel and entertainment.
Moderate inflation tends to benefit credit card companies, which charge a percentage on the dollar value of transactions as fees. Fears of a recession have led other financial companies to cut expenses and trim headcount. Goldman Sachs Group Inc is expected to cut jobs starting as early as this month, according to a source familiar with the plans.
Financial technology firms like Robinhood Markets Inc and mortgage lenders including loan Depot Inc have also slashed headcount this year. As of last year, the credit card issuer had 64,000 employees – 22,000 of whom were based in the United States.