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AmEx (AXP) to Hire 1,500 Tech Talents Braving Economic Woes
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American Express Company (AXP - Free Report) is likely to hire about 1,500 new people in technology-related jobs, per reports. The news comes at a time when financial companies are either freezing their hiring process or cutting jobs due to economic uncertainty. The move reflects AmEx’s confidence in the economy’s resilience.
AmEx’s new tech hires are expected to fill the positions of software engineers, data scientists, developers and others. Analysts, engineers and other qualified people will likely be working in areas like fraud management, venture capital and lifestyle management. Of the total hiring target, 60% will likely be in the United States, 33.3% in India and the rest in Europe.
The move is in line with AXP’s strategy to focus on intensifying technology investments, which is expected to boost its long-term growth. The company has already hired more than 3,600 technical workers this year. AmEx is expected to reach the latest target by the end of the year, despite the challenges related to hiring true technical talent.
The company is expected to keep investing in technology as income opportunities keep growing. Spendings on travel and entertainment are likely to go up in the coming days, especially as the holiday season approaches. With the second quarter earnings release, American Express hiked guidance for 2022 revenue growth to 23-25% from 18-20% and reiterated earnings per share guidance in the band of $9.25-$9.65.
While other financial companies are likely to cut down jobs, AmEx might create a potent pool of tech talent, which can support its expansionary moves. Last year, the company had a total of 64,000 employees, of which 22,000 were based in the United States.
Price Performances
Shares of American Express have declined 3.2% in the past year compared with the 20.1% fall of the industry.
Headquartered in Toronto, CI Financial is an asset management company, which provides different types of services through its subsidiaries. The Zacks Consensus Estimate for CIXX’s 2022 earnings has increased 1.2% in the past 60 days.
Based in Glens Falls, NY, Arrow Financial is a financial products and services provider. The Zacks Consensus Estimate for AROW’s 2022 bottom line has increased 1.8% in the past 60 days.
Charlotte, NC-based Brighthouse Financial is an annuity and life insurance products provider. The Zacks Consensus Estimate for BHF’s 2022 bottom line has improved 17.3% in the past 30 days.
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AmEx (AXP) to Hire 1,500 Tech Talents Braving Economic Woes
American Express Company (AXP - Free Report) is likely to hire about 1,500 new people in technology-related jobs, per reports. The news comes at a time when financial companies are either freezing their hiring process or cutting jobs due to economic uncertainty. The move reflects AmEx’s confidence in the economy’s resilience.
AmEx’s new tech hires are expected to fill the positions of software engineers, data scientists, developers and others. Analysts, engineers and other qualified people will likely be working in areas like fraud management, venture capital and lifestyle management. Of the total hiring target, 60% will likely be in the United States, 33.3% in India and the rest in Europe.
The move is in line with AXP’s strategy to focus on intensifying technology investments, which is expected to boost its long-term growth. The company has already hired more than 3,600 technical workers this year. AmEx is expected to reach the latest target by the end of the year, despite the challenges related to hiring true technical talent.
The company is expected to keep investing in technology as income opportunities keep growing. Spendings on travel and entertainment are likely to go up in the coming days, especially as the holiday season approaches. With the second quarter earnings release, American Express hiked guidance for 2022 revenue growth to 23-25% from 18-20% and reiterated earnings per share guidance in the band of $9.25-$9.65.
While other financial companies are likely to cut down jobs, AmEx might create a potent pool of tech talent, which can support its expansionary moves. Last year, the company had a total of 64,000 employees, of which 22,000 were based in the United States.
Price Performances
Shares of American Express have declined 3.2% in the past year compared with the 20.1% fall of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
American Express currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader finance space are CI Financial Corp. , Arrow Financial Corporation (AROW - Free Report) and Brighthouse Financial, Inc. (BHF - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Headquartered in Toronto, CI Financial is an asset management company, which provides different types of services through its subsidiaries. The Zacks Consensus Estimate for CIXX’s 2022 earnings has increased 1.2% in the past 60 days.
Based in Glens Falls, NY, Arrow Financial is a financial products and services provider. The Zacks Consensus Estimate for AROW’s 2022 bottom line has increased 1.8% in the past 60 days.
Charlotte, NC-based Brighthouse Financial is an annuity and life insurance products provider. The Zacks Consensus Estimate for BHF’s 2022 bottom line has improved 17.3% in the past 30 days.