AMEX announced today that it will extend its hiring freeze and revoke accepted offers from some candidates who haven’t started their roles yet.
The third-largest bank by volume, American Express began to slow hiring two weeks ago, but this move is more drastic.
“Adapting quickly and acting now will help us to successfully navigate this macro environment and emerge even stronger, enabling further healthy growth and innovation,” Chief People Officer L.J. Brock wrote in a company memo, shared publicly to AMEX’s blog.
Brock added that the hiring freeze will persist as long as the macroeconomic downturn continues, and that the freeze will also apply to backfills. However, any role that is necessary for security and compliance will still hire a replacement.