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Message
if this doesn't scream AI taking over jobs, I don't know what does
Posted on 10/25/26 at 10:24 am
Posted on 10/25/26 at 10:24 am
American Express profits rise; company plans to cut workforce by 5%, or about 3,500 employees
Profits up, jobs down. What else could it possibly be?
quote:
AmEx CEO Steve Squeri told investors that layoffs were about making the company more efficient, not a reflection of any downturn in business. One concern among investors had been AmEx's rising operating costs, as the company has had to compete with other credit card companies, including Capital One and JPMorgan Chase on perks and rewards that are costly to manage.
Profits up, jobs down. What else could it possibly be?
Posted on 10/25/26 at 10:26 am to forkedintheroad
quote:
Profits up, jobs down. What else could it possibly be?
Interest rates?
Posted on 10/25/26 at 10:26 am to forkedintheroad
These corporations realized they don't have to carry bloat anymore.
If you can fire 3,500 employees and see no demonstrable impact on the business how necessary were those employees?
If you can fire 3,500 employees and see no demonstrable impact on the business how necessary were those employees?
Posted on 10/25/26 at 10:30 am to forkedintheroad
Anybody who has ever worked for a large company knows there's tons of people who do virtually nothing, especially in industries like this. Trimming 5% is a piece of cake and no good leader would employee thousands of irrelevant, do nothing, bureaucrats just because profits are good.
And businesses have been laying people off for a century before AI was even a thing.
And businesses have been laying people off for a century before AI was even a thing.
This post was edited on 10/25/26 at 10:32 am
Posted on 10/25/26 at 10:36 am to Tigersforthee
quote:
Anybody who has ever worked for a large company knows there's tons of people who do virtually nothing, especially in industries like this. Trimming 5% is a piece of cake and no good leader would employee thousands of irrelevant, do nothing, bureaucrats just because profits are good.
And businesses have been laying people off for a century before AI was even a thing.
Yep.
Posted on 10/25/26 at 10:42 am to Tigersforthee
quote:
And businesses have been laying people off for a century before AI was even a thing
This is true but at the same time, outside of recessions, there has not really been instances of most companies making mass layoffs while maintaining large profit margins. Typically mass layoffs have been isolated to failing companies and those that are laid off are eventually able to move to profitable companies that are hiring. But now you are seeing profitable companies making large layoffs across the board which leaves those laid off with no where to go. Eventually mass layoffs with less and less opportunity for employment for those laid off are going to have ramifications on the economy as a whole
Posted on 10/25/26 at 10:42 am to Tigersforthee
quote:
And businesses have been laying people off for a century before AI was even a thing.
This.
Posted on 10/25/26 at 10:43 am to Tigersforthee
quote:
Anybody who has ever worked for a large company knows there's tons of people who do virtually nothing
The also applies to the largest organization(s) of all. The government—federal, state, local, all of it. Pretty much the entire government workforce does practically nothing.
Posted on 10/25/26 at 10:59 am to forkedintheroad
This seems like getting rid of bloat and not an AI impact
If there was an impact because of AI they would have likely mentioned it
If there was an impact because of AI they would have likely mentioned it
Posted on 10/25/26 at 11:03 am to forkedintheroad
Not gonna lie, if companies turn customer service into effective agentic AI I’m all for it. I’m tired of talking to “Mikel” who is obviously in Bangladesh or Shaniqua who acts like I’m destroying her day because I have an issue she is paid to solve.
Some humans don’t deserve jobs.
Some humans don’t deserve jobs.
Posted on 10/25/26 at 11:24 am to Powerman
quote:
If there was an impact because of AI they would have likely mentioned it
I don’t know if companies are thrilled to say “replacing 5% of our workers with AI” at this delicate crossroads of perception that AI will cause massive layoffs
Posted on 10/25/26 at 11:29 am to forkedintheroad
Companies are actually laying off people to offset the absurd amounts that they are investing in AI.
It's not because they are saving money by using AI (yet).
It's not because they are saving money by using AI (yet).
Posted on 10/25/26 at 11:40 am to Tigersforthee
I would rather have AmEx pay them than me pay them welfare.
Posted on 10/25/26 at 11:42 am to Tampa Ray
My question is, when large part of the population are laid off, who do these companies think is going to buy their product? No one will be able to afford it.
Never mind that if AI genuinely gets us to say 20% - 25% unemployment, you are going to see massive civil unrest.
These companies would be smart to remember, people with nothing having nothing to lose. Seems like the riots in Paris and other parts of Europe is a preview of what's coming here.
Never mind that if AI genuinely gets us to say 20% - 25% unemployment, you are going to see massive civil unrest.
These companies would be smart to remember, people with nothing having nothing to lose. Seems like the riots in Paris and other parts of Europe is a preview of what's coming here.
Posted on 10/25/26 at 11:53 am to forkedintheroad
quote:
Profits up, jobs down. What else could it possibly be?
Hiring a bunch of low wage Indian foreigners on visas lol. Thats exactly what it is.
Posted on 10/25/26 at 12:05 pm to chryso
quote:
I would rather have AmEx pay them than me pay them welfare.
I'd rather no one paid them.
Posted on 10/25/26 at 12:06 pm to NoSaint
quote:
I don’t know if companies are thrilled to say “replacing 5% of our workers with AI” at this delicate crossroads of perception that AI will cause massive layoffs
Technology companies have no problem saying it. They even say it when it might not even be true.
Posted on 10/25/26 at 12:07 pm to chryso
quote:
I would rather have AmEx pay them than me pay them welfare.
This assumes they won't find jobs somewhere else. They will even if it takes them a while.
Posted on 10/25/26 at 12:07 pm to forkedintheroad
When can we use AI to cut all the useless government jobs and save taxpayers $$$$$$$?
Posted on 10/25/26 at 12:13 pm to FloridaSaintsFan
quote:
My question is, when large part of the population are laid off, who do these companies think is going to buy their product? No one will be able to afford it.
Never mind that if AI genuinely gets us to say 20% - 25% unemployment, you are going to see massive civil unrest.
These companies would be smart to remember, people with nothing having nothing to lose. Seems like the riots in Paris and other parts of Europe is a preview of what's coming here.
These CEOs will always be on top. They know that even if the banking industry collapses, if they can accumulate enough wealth, they will be fine. There will always be a point in being rich while the rest of the world is poor.
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