American Express to Cut 5% of Workforce in Restructuring Tied to AI
publishers 39articles 66first reported 2 Oct, 16:15 UTCdeveloping since 2 Oct · 30 editions
American Express plans to eliminate 5% of its global workforce as it restructures operations and prepares to automate more internal processes with artificial intelligence.
The company had nearly 77,000 employees at the end of 2025, making the announced reduction equivalent to several thousand jobs. The Indianapolis Business Journal reported that about 3,500 employees would be affected. American Express will record a $336 million restructuring charge in the third quarter, CEO Stephen Squeri told analysts Friday.
Squeri said the changes are intended to make the company more agile and efficient while creating capacity to invest in business priorities. Chief Financial Officer Christophe Le Caillec told CNBC that American Express is reducing management layers and expanding spans of control before automating processes and adopting AI more broadly.
The announcement accompanied third-quarter results showing adjusted earnings of $4.68 per share and revenue of $20.06 billion, according to the New York Post. The company also raised its full-year earnings forecast to between $18.30 and $18.60 per share.
The cuts follow a similar move at Barclays, which plans to eliminate 5,000 jobs by the end of 2026 as part of an AI-linked cost-reduction drive. Unions have accused Barclays of using AI to justify workforce reductions, Al Jazeera reported.
HOW THIS STORY WAS MADE
Written from 8 articles, 5 with the publisher's own text; 8 independent newsrooms once syndicated copies count as one; this version written 522 h after the record first saw the story; the editor kept it as written.
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- Independent newsrooms
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- This version written
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- Second model (editor)
- kept as written
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