Amex to Cut 3,500 Jobs as AI Reshapes Workforce, Boosts Outlook

WHO:

Fast Company - American Express Company (NYSE: AXP), the provider of the American Express credit card and related financial services, announced workforce reductions.

Fast Company - CEO Stephen Squeri, also identified in a quotation as Steve Squeri, announced the cuts and discussed the company’s plans.

Fast Company - Chief Financial Officer Christophe Le Caillec told CNBC that the restructuring would help American Express prepare for AI.

IJR - American Express plans to reduce its global workforce by about 5%, or roughly 3,500 jobs.

NY Post - The cuts will affect thousands of the company’s roughly 77,000 workers.

WHAT:

CNBC - American Express’s $336 million restructuring charge was intended to improve the company’s efficiency.

CNBC - American Express said the restructuring was intended to make the company “leaner, more agile.”

IJR - American Express’s third-quarter results included stronger spending on travel and dining, while billed-business growth fell slightly short of estimates.

Fast Company - American Express announced it would eliminate 5% of its global workforce, equivalent to about 3,840 jobs based on roughly 76,800 employees at the end of 2025; the company confirmed the layoffs to Fast Company.

IJR - The job cuts are intended to simplify operations and control costs.

NY Post - American Express announced a $336 million restructuring charge as part of the layoffs.

Fast Company - Squeri said the company needed to become “a more agile and efficient organization” to “accelerate innovation and win over the next few years.” He said the completed restructuring would help it “operate and execute more effectively” and provide “greater capacity to invest in our business priorities.”

Fast Company - American Express reported third-quarter revenue of $20.1 billion, up 9% year over year, and net income of $3.7 billion, compared with $2.9 billion a year earlier.

IJR - Third-quarter earnings beat analyst expectations; the company raised its full-year profit outlook, while billed-business growth fell slightly short of estimates.

Fast Company - American Express shares were down about 3% in early trading, and the stock was down about 13% year to date.

WHERE:

Fast Company - The workforce reduction applies to American Express’s global workforce.

WHY:

CNBC - American Express’s workforce reductions reflect a broader financial-services trend of banks seeking to replace repetitive roles with AI automation.

CNBC - Barclays confirmed plans to cut 5,000 jobs, about 5% of its staff, in a technology-driven cost initiative; the article said the cuts came as the sector was benefiting from growing consumer spending and resilient credit.

Fast Company - Citigroup and HSBC each cut 10% of their workforces earlier in 2026; Standard Chartered said it would cut 15% of its workforce by 2030.

Fast Company - Le Caillec said the restructuring would help the company “to prepare for AI.”

Fast Company - Le Caillec said the company planned to reduce organizational layers and increase spans of control so it could automate processes and use AI in coming quarters and years.

Fast Company - The article said American Express shares’ decline was likely related to a broader market fall, as Brent crude reached a six-month high amid the U.S. conflict with Iran.

HOW:

CNBC - CFO Christophe Le Caillec described the restructuring as making American Express “leaner, more agile, and also to prepare for AI.”

Fast Company - Le Caillec said American Express would avoid automating processes that were not optimally structured, and would first reduce layers and increase spans of control.

Fast Company - The company’s reported results accompanied the layoff announcement.

(UPDATED October 24, 2026 04:05 UTC)

American Express is cutting about 5% of its global workforce, or roughly 3,500 jobs, as it restructures to simplify operations and control costs. The company has about 77,000 employees, and the changes include a $336 million restructuring charge. Chief Executive Stephen Squeri said the goal is to make the company more agile and efficient, improve execution, and free up capacity for business priorities. Chief Financial Officer Christophe Le Caillec said the changes will also help American Express prepare for artificial intelligence. The plan includes reducing management layers and widening spans of control before automating processes. The announcement came alongside third-quarter revenue of $20.1 billion, up 9% from a year earlier, and net income of $3.7 billion, compared with $2.9 billion. Earnings topped expectations, and the company raised its full-year profit outlook, though billed-business growth fell slightly short of estimates. American Express shares were down about 3% in early trading.

(UPDATED October 23, 2026 20:06 UTC)

American Express plans to cut about 5% of its global workforce, or roughly 3,500 jobs, as it restructures to simplify operations and prepare for artificial intelligence. Chief Financial Officer Christophe Le Caillec said the company will first reduce management layers and broaden spans of control before automating processes. Chief Executive Stephen Squeri said the changes are intended to make the business leaner and more agile, while freeing up resources for investment and innovation. The company also announced a $336 million restructuring charge. The cuts come as American Express reported third-quarter revenue of $20.1 billion, up 9% from a year earlier, and net income of $3.7 billion, compared with $2.9 billion. Earnings beat expectations, and the company raised its full-year profit outlook. Travel and dining spending strengthened, though billed-business growth slightly missed estimates.

(UPDATED October 23, 2026 19:09 UTC)

American Express is cutting about 5% of its global workforce, eliminating roughly 3,800 jobs from a staff of about 77,000. The company also announced a $336 million restructuring charge. CEO Stephen Squeri said the changes are intended to make American Express more agile and efficient, while freeing up capacity to invest in business priorities. Chief Financial Officer Christophe Le Caillec said the company is preparing for artificial intelligence by reducing organizational layers and widening managers’ spans of control. He said American Express plans to streamline processes before automating them. The announcement came alongside third-quarter revenue of $20.1 billion, up 9% from a year earlier, and net income of $3.7 billion, compared with $2.9 billion. Earnings beat analyst expectations, and the company raised its full-year profit outlook, though billed-business growth fell slightly short of estimates. Shares were down about 3% in early trading.