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BY Michael Grothaus

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It hasn’t been a good week for workers in the banking and financial sector. Yesterday, UK banking giant Barclays announced it was laying off 5% of its workforce, or nearly 5,000 workers, as it transitions more of the bank’s operations to artificial intelligence systems.

Across the Atlantic this morning, an American financial giant made a similar announcement.

The American Express Company (NYSE: AXP), owner of the eponymous credit card and associated financial services, announced that it will slash 5% of its workforce due to AI. Here’s what you need to know.

What’s happened?

On Friday morning, American Express CEO Stephen Squeri announced that the U.S.…