In spite of concerns about an economic downturn that have led other U.S. financial corporations to shed staff recently, American Express Co (NYSE:AXP) announced on Monday that it is looking to employ around 1,500 workers for technology roles.
By the end of the year, the new employees would fill positions such as data scientist, software engineer, and others. This year, the business has already hired about 3,600 computer workers, according to a statement from a credit card company spokesman sent by email.
AmEx, a New York-based company, increased its annual revenue projection in July as a result of a rise in travel and entertainment expenditure. Credit card firms, which impose fees based on a proportion of the dollar value of transactions, often stand to gain from moderate inflation.
Other financial institutions have reduced employment and slashed costs as a result of recessionary worries. A person familiar with the planning said that job cuts at Goldman Sachs Group Inc (NYSE:GS) might begin as soon as this month.
This year, employment has also been reduced at financial technology companies like Robinhood Markets Inc (NASDAQ:HOOD) and mortgage lenders like loanDepot Inc.
According to an interview with AmEx’s chief information officer Ravi Radhakrishnan, Bloomberg News was the first to report on the intentions.
The credit card company had 64,000 workers as of the previous year, with 22,000 of them headquartered in the US.
