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International Business Times

Business

American Express Becomes the Latest Company To Announce Massive Layoffs Over the AI Boom

American Express Artificial Intelligence Layoffs Barclays Stephen Squeri

American Express is cutting 5% of its workforce to "prepare for AI." (Credit: Getty Images)

American Express has become the latest company to announce massive layoffs over the artificial intelligence boom.

Company CEO Stephen Squeri said on Friday that the company will eliminate 5% of the global workforce, which at the end of last year amounted to some 77,000 employees.

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