American Express Cutting 5% Of Global Workforce
American Express is cutting 5% of its global workforce, approximately 3,800 jobs, as part of a restructuring effort to integrate artificial intelligence into its operations. Despite the job cuts, the company reported a 28% increase in profits, citing the need to remain agile in a changing financial landscape.
Why it matters
This move reflects a broader trend in the financial sector where companies are aggressively adopting AI to automate processes, leading to significant workforce reductions.
American Express announced Friday it is cutting five percent of its global workforce, or around 3,800 jobs, while it revamps operations as artificial intelligence roils the payment industry.The restructuring will make AmEx a "more agile and efficient organization," Chief Executive Stephen Squeri told analysts on an earnings conference call."When completed, we believe this exercise will help us operate and execute more effectively and give us greater capacity to invest in our business priorities."The job cuts resulted in one-time costs of $336 million that lowered third-quarter earnings. The company reported a 28 percent rise in profits to $3.7 billion.AmEx had about 76,800 employees at the end of 2025, according to a securities filing.
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