American Express, the Lower Manhattan-headquartered card giant, is cutting 5% of its global workforce as it reshapes its internal operations for artificial intelligence. CEO Stephen Squeri disclosed the move Friday on the company’s third-quarter earnings call, along with a $336 million restructuring charge booked in the quarter.
The company had almost 77,000 employees at the end of 2025. A 5% reduction implies thousands of positions, though the source material does not specify an exact headcount or which divisions will be affected.
Chief Financial Officer Christophe Le Caillec told CNBC the restructuring is meant to make Amex “leaner, more agile, and also to prepare for AI.” He framed the sequencing as deliberate. “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.”
Squeri tied the charge to efficiency. “We’ve got good momentum, but to accelerate innovation and win over the next few years, we needed to become [a] more agile and efficient organization,” he told analysts.
The cuts land amid a wider shift in financial services. According to CNBC, Barclays confirmed plans on Thursday to trim 5,000 jobs, also roughly 5% of its staff, in a technology-driven cost initiative. Banks are working to replace repetitive roles with AI automation even as the sector posts robust profits on strong consumer spending and resilient credit.
Squeri devoted about 10 minutes of his prepared remarks to AI, focusing mainly on using it to personalize experiences and offers for cardholders. He also drew a security line around AI agents. Amex is “not going to let assistants run rogue through our system,” he said, adding that only agents approved through API or MCP channels will be allowed to access its systems.
The earnings themselves were solid. Adjusted earnings per share came in at $4.68, ahead of the $4.48 average analyst estimate compiled by LSEG. Amex raised its full-year unadjusted earnings guidance to a range of $18.30 to $18.60 per share, up from $17.30 to $17.90. Le Caillec said the metric was helped by proceeds from the sale of Amex’s stake in Global Business Travel Group, part of which went toward funding the restructuring plan.
Revenue rose 9% to $20.06 billion, slightly short of Wall Street’s $20.12 billion forecast. Executives attributed part of the spending drag to recent exits from small business co-brand partnerships.
Investors focused on the revenue shortfall and the restructuring. Amex shares fell roughly 4% in afternoon trading Friday.
Frequently Asked Questions
Why is American Express cutting jobs?
American Express is cutting 5% of its global workforce to streamline operations and prepare for AI automation. CFO Christophe Le Caillec said the cuts reduce layers and increase spans of control so the company can automate processes in coming quarters and years.
How many employees will American Express lose?
The article does not give an exact headcount. American Express had almost 77,000 employees at the end of 2025, so a 5% cut implies thousands of positions, but which divisions are affected is not specified.
How much will American Express’s restructuring cost?
American Express booked a $336 million restructuring charge in the third quarter. CEO Stephen Squeri disclosed the move on the Q3 earnings call.
How did American Express perform in its third-quarter earnings?
Adjusted earnings per share were $4.68, beating the $4.48 analyst average, and full-year unadjusted EPS guidance was raised to $18.30โ$18.60. Revenue rose 9% to $20.06 billion, slightly short of the $20.12 billion forecast.
Why did American Express shares fall after the earnings report?
Shares fell roughly 4% in afternoon trading on Friday, even though earnings beat expectations, because revenue slightly missed Wall Street’s forecast. The article does not give a further explanation for the decline.
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