American Express cuts 5% of staff for AI; Volvo slumps on China sales

· Politics · United States · Sweden

American Express is cutting 5% of its workforce to "prepare for AI", taking a $336 million restructuring charge in the quarter, CEO Stephen Squeri said after the company reported third-quarter results. Separately, Volvo Cars shares plunged 24% after its CEO said China sales slumped "faster than we thought", citing tougher market conditions in China and the US that hurt free cash flow; the company plans to cut 2,500 jobs. General Motors shares posted their worst week since 2023 amid a wider automotive selloff, even as bullish analysts doubled down. The moves reflect how AI restructuring and China's price war are reshaping major employers.

Why it matters：Job cuts framed around AI and weak China demand show how technology and pricing pressure are reshaping both finance and autos worldwide.

Key points

  • Amex is cutting 5% of staff and taking a $336 million charge
  • Volvo Cars shares fell 24% and it plans 2,500 job cuts
  • GM shares had their worst week since 2023

Sources (original reporting)

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