American Express cuts 5% of global workforce to prepare for AI automation

CFO says the move will make the company 'leaner, more agile' as it automates processes

By LineZotpaper

Published23 October 2026

Read Time2 min

American Express is eliminating 5% of its global workforce and taking a $336 million restructuring charge as the credit card giant repositions itself for greater use of artificial intelligence, CEO Stephen Squeri told analysts on Friday.

The company, which had nearly 77,000 employees at the end of 2025, announced the cuts during its third-quarter earnings call. Chief Financial Officer Christophe Le Caillec told CNBC the restructuring aims 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."

Squeri devoted a 10-minute section of his prepared remarks to AI, focusing on how it will be used to personalise experiences and offers for cardholders. While emphasising the need to meet customers' desires to use AI, including agents, he added that Amex is "not going to let assistants run rogue through our system."

"We need to protect our customers [and] merchants, and we're only going to allow agents to access our systems that are either approved through API or MCP channels," he said, citing two ways to securely connect outside platforms with Amex systems.

Amex posted quarterly results that topped Wall Street profit expectations. Adjusted earnings per share were $4.68, topping the $4.48 average estimate of analysts, according to LSEG. The company raised its full-year earnings guidance to a range of $18.30 to $18.60 per share, on an unadjusted basis, up from its previous target of $17.30 to $17.90. Total revenue rose 9% to $20.06 billion, slightly below Wall Street's $20.12 billion forecast.

Executives attributed part of the spending drag to recent exits from small business co-brand partnerships. Proceeds from Amex's sale of its stake in Global Business Travel Group partly funded the restructuring plan, Le Caillec said. Shares fell roughly 3% in morning trading.

The cuts reflect a broader trend across financial services, where banks are replacing repetitive roles with AI automation. On Thursday, Barclays confirmed plans to trim 5,000 jobs, also roughly 5% of its staff, in another tech-driven cost initiative.

"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," Squeri said.

Analysis

Why This Matters

Thousands of American Express employees face job losses as the company restructures around AI, signalling a major shift in financial services employment.
The move aligns with a broader industry trend, following Barclays' similar 5% job cut, suggesting widespread automation-driven restructuring across banking.
Amex's strong quarterly profits amid the cuts underscore that efficiency, not financial distress, is driving the change.

Background

American Express is a major global credit card and payment company, operating in dozens of countries. Financial institutions have increasingly explored AI to automate routine tasks such as data processing, customer service, and fraud detection. The company's restructuring comes during a period of robust consumer spending and resilient credit performance across the sector.

Key Perspectives

American Express management: The restructuring is necessary to reduce layers, increase efficiency, and safely integrate AI without compromising customer security. The CEO emphasised controlled adoption through approved API and MCP channels. Affected employees: Workers in positions likely to be automated or eliminated face uncertainty, though the company has not detailed severance or retraining plans. Industry observers: The simultaneous cuts at Barclays and Amex suggest a structural shift in banking employment toward fewer, more tech-focused roles, even as profits remain strong.

What to Watch

Timing of layoffs and any further detail on which roles or regions are affected.
Whether other major financial firms announce similar AI-driven workforce reductions in coming months.
Amex's progress on AI integration and its impact on customer experience and operational costs.

Sources

American Express is cutting 5% of its workforce to 'prepare for AI' · Business News

Checked

12 claims in this story checked against 1 source: 10 supported.

Show each claim

SupportedAmerican Express is cutting 5% of its global workforce to prepare for AI automation.Business News: “Amex is eliminating 5% of its global workforce and taking a $336 million restructuring charge”
Sources say otherwiseThe CEO said the move would make American Express “leaner, more agile.”Business News: “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.””
SupportedThe company is eliminating 5% of its global workforce and taking a $336 million restructuring charge, Squeri told analysts Friday on the third-quarter earnings call.Business News: “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.”
SupportedAmerican Express had nearly 77,000 employees at the end of 2025.Business News: “The firm had almost 77,000 employees at the end of 2025.”
SupportedLe Caillec said the company would reduce layers and increase spans of control to automate and take advantage of AI in coming quarters and years.Business News: ““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.””
SupportedSqueri devoted a 10-minute section of his prepared remarks to AI and its use in personalising experiences and offers for cardholders.Business News: “Squeri devoted a 10-minute section of his prepared remarks to his views on AI, focusing mainly on how it will be used to personalize experiences and offers for Amex cardholders.”
SupportedSqueri said Amex was “not going to let assistants run rogue through our system.”Business News: “he added that Amex is “not going to let assistants run rogue through our system.””
SupportedSqueri said only agents approved through API or MCP channels would be allowed to access Amex systems.Business News: ““We need to protect our customers [and] merchants, and we're only going to allow agents to access our systems that are either approved through API or MCP channels,” he said”
SupportedAdjusted earnings per share were $4.68, above analysts’ $4.48 average estimate, according to LSEG.Business News: “Adjusted earnings per share were $4.68, topping the $4.48 average estimate of analysts, according to LSEG.”
SupportedAmerican Express raised its full-year earnings guidance to $18.30–$18.60 per share on an unadjusted basis, from $17.30–$17.90.Business News: “The company raised its full-year earnings guidance to a range of $18.30 to $18.60 per share, on an unadjusted basis, up from its previous target of $17.30 to $17.90.”
SupportedTotal revenue rose 9% to $20.06 billion, slightly below the $20.12 billion forecast.Business News: “Total revenue rose 9% to $20.06 billion, also coming in slightly below Wall Street's $20.12 billion LSEG forecast.”
Partly supportedSqueri said, “we needed to become a more agile and efficient organization.”Business News: ““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,” Squeri said.”

Correction

23 October 2026An earlier version of this story attributed the words 'leaner, more agile' to CEO Stephen Squeri. They were said by CFO Christophe Le Caillec.