American Express to Cut 3,500 Jobs in AI-Driven Restructuring
American Express will cut about 3,500 jobs, 5% of its global workforce, as it restructures to become leaner and prepare for AI.
American Express will eliminate about 3,500 jobs — roughly 5% of its global workforce — in a restructuring announced on Friday alongside its third-quarter results. The cuts were disclosed by chief executive Stephen Squeri on the post-earnings analyst call; the company employs about 78,000 people worldwide, according to Bloomberg.
Chief financial officer Christophe Le Caillec told CNBC the goal is to be “leaner, more agile, and also to prepare for AI”. Squeri said the company will reduce management layers and increase spans of control so it can “automate and take advantage of AI in the coming quarters and the coming years”, according to CNBC.
The company recorded a US$336 million restructuring charge in the third quarter, partly funded by proceeds from selling its stake in Global Business Travel Group, Barchart reports.
The layoffs come despite strong results: Q3 revenue rose 9% year on year to US$20.1bn against US$18.4bn a year earlier, net profit climbed 28% to US$3.7bn, and reported earnings per share reached US$5.42 from US$4.14. Total expenses rose 9% to US$14.5bn.
Amex shares slipped after the earnings call, and the stock is down about 17% since the start of 2026, according to Barchart.
The move follows Barclays’ plan to cut about 5,000 jobs the previous day, also citing AI, and Volvo Cars’ 2,500 cuts, Eurasia Business News reports. Business Insider counts more than 40 companies announcing layoffs in 2026.
No breakdown of which regions or business units will be affected was given.
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