American Express is cutting 5% of its workforce to 'prepare for AI' - CNBC
American Express is laying off 5% of its global workforce as part of a restructuring plan to integrate artificial intelligence into its internal processes. The company aims to increase efficiency and reduce operational layers.
Why it matters
This move reflects a growing trend in the financial sector where companies are aggressively cutting staff to pivot toward AI-driven automation.
American Express is cutting thousands of employees as the leading credit card company prepares for artificial intelligence to take over more of its internal processes.
Amex is eliminating 5% of its global workforce and taking a $336 million restructuring charge, CEO Stephen Squeri told analysts Friday on the company's third-quarter earnings call. The firm had almost 77,000 employees at the end of 2025.
Chief Financial Officer Christophe Le Caillec told CNBC in an interview that the restructuring was to make American Express "leaner, more agile, and also to prepare for AI."
"You don't want to automate processes that are not optimally structured," Le Caillec said. "So what we're doing here is to reduce layers and increase spans of controls, so that we can automate and take advantage of AI in the coming quarters and the coming years."
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