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American Express to Cut 5% Of Workforce As It Expands AI Automation

The company will incur a $336 million restructuring charge to fund its efficiency initiatives.

,   and  TIPP Staff
2 min read
American Express to slash 5% of workforce in latest AI-driven layoffs. Pic via(@nypost)

American Express plans to cut 5% of its global workforce as it accelerates automation and prepares for greater use of artificial intelligence, CEO Stephen Squeri announced Friday.

The reductions are expected to affect approximately 3,500 positions, with around 60% concentrated in support functions, including developer roles. Squeri said the changes would streamline management layers and make the company more agile and efficient.

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The announcement came alongside an improved 2026 profit forecast that exceeded Wall Street expectations. American Express reported adjusted third-quarter earnings of $4.68 per share, surpassing analyst estimates.

The company will incur a $336 million restructuring charge to fund its efficiency initiatives.

The move reflects a broader trend across financial services, where firms including Barclays and Citigroup have also reduced headcount while citing efficiency improvements and increased adoption of artificial intelligence.

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