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American Express is cutting 5% of its workforce to ‘prepare for AI’
The card company took a $336 million restructuring charge as it lifted 2026 profit guidance above Wall Street expectations.
- On Friday, American Express CEO Stephen Squeri announced plans to eliminate 5% of the company's global workforce while raising the firm's 2026 profit forecast above Wall Street expectations.
- Squeri said the reductions aim to make the organization "more agile and efficient," allowing the company to reduce operational layers and accelerate automation to invest in business priorities.
- American Express reported an adjusted profit of $4.68 per share for the third quarter, surpassing analyst estimates, while taking a $336 million restructuring charge to fund the efficiency initiatives.
- About 60% of the job cuts, totaling approximately 3,500 positions, are expected to impact support functions, including developers, as Amex seeks to manage rising costs.
- This move aligns with broader financial sector trends, where firms like Barclays and Citigroup have recently lowered headcount, often citing increased use of artificial intelligence to improve efficiency.
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16 Articles
16 Articles
AmEx CEO says company to cut 5% of total workforce
American Express took a restructuring charge in the third quarter for a plan expected to eliminate about 5% of its global workforce, CEO Stephen Squeri told analysts on an post-earnings call on Friday.
·London, United Kingdom
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Coverage Details
Total News Sources16
Leaning Left1Leaning Right2Center6Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
11%
C 67%
R 22%
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