American Express cuts 5% of staff to prepare for artificial intelligence
American Express just cut 5% of its global workforce.
The short version
- The credit card giant is taking a $336 million charge.
- Executives plan to automate internal processes using new technology.
- Profits topped Wall Street estimates with $4.68 earnings per share.
Check your statements and your portfolio this week. American Express just announced it is cutting 5% of its global workforce, eliminating thousands of jobs as the credit card giant prepares for artificial intelligence to take over more of its internal processes. According to CNBC, CEO Stephen Squeri told analysts on the company's third-quarter earnings call that the firm is taking a $336 million restructuring charge to make the business leaner and more agile.
The firm had almost 77,000 employees at the end of 2025. Chief Financial Officer Christophe Le Caillec explained in an interview that the company wants to reduce management layers before automating tasks. "You don't want to automate processes that are not optimally structured," Le Caillec said.
Squeri spent part of his remarks detailing how AI will personalize offers for cardholders while keeping outside digital assistants secure through approved channels. The cuts come even as the company posted strong quarterly results that topped Wall Street profit expectations. Adjusted earnings per share reached $4.68, beating the $4.48 average estimate of analysts tracked by LSEG.
Total revenue rose 9% to $20.06 billion, while the company raised its full-year earnings guidance to a range of $18.30 to $18.60 per share. Shares of the card company fell roughly 4% in afternoon trading following the announcement.
