American Express (Amex) is on an IT hiring drive to support business growth amid the rapid digitization of the financial services sector.
More than 5,000 technology roles will be added to Amex’s global workforce of 64,000 this year.
To support its business growth, the credit card giant is currently looking to fill 1,500 technology roles by the end of the year – on top of the 3,600 tech hires it has already made this year.
“These are [roles] product and engineering roles, and they include titles such as software engineer, data scientist, product manager, information security specialist and mobile engineer,” said a company spokesperson.
Amex said about 60% of the jobs are in the US, about one-third in India, the rest in Europe, primarily the UK.
More than 5,000 technology roles are being added to financial services firms by the rapid adoption of fintech and a growing number of digital-first challengers.
Large traditional forms of financial services, including big banks and card companies, already have large IT teams, but the changing competitive landscape means they need more.
An IT professional in the UK finance sector said the 5,000 extra IT staff in a year, representing an increase of around 8% of Amex’s total global workforce, was a “big step”.
“I wonder what is driving this and whether there will be job cuts in other areas of the business. Increasing Amex automation may require fewer people in certain roles,” they said.
“Recruitment of IT staff supports the transformation of the customer’s digital journey, which finance companies talk about today. They’re pushing customers online, which means they need more IT skills and less staff in more traditional roles.”
This is leading to high demand for people with the right technical skills across the global finance sector. In an interview with Bloomberg, DrAmex CIO Ravi Radhakrishnan says the war on talent is on and describes the technology hiring environment as challenging.
Businesses have to offer more than high salaries to get the best IT staff. Radhakrishnan told Bloomberg. “There’s a lot of talent out there who wants to understand how we approach flexibility,” he said. “It’s not just the flexibility we offer – the option to be virtual, in-person or hybrid – it’s combining it with purpose. We do that. We ask people to work with their leaders to determine the purpose of their coming.”
last year, Amex official hybrid works Success follows informal policies introduced during the Covid-19 pandemic. Amex Flex, as it’s known, was announced in October 2021 by CEO Stephen Squerry in a note to the company’s 64,000 employees.
The model has three basic work designations – hybrid, on-site and fully virtual. The hybrid option sees workers in the office a few days a week, those who take the on-site option spend four to five days in the office, while virtual workers visit the office only a few times a year.