American Express cuts 5% of workforce in AI restructuring

· Finance · United States

American Express is cutting 5% of its workforce as it reshapes the company around artificial intelligence, CEO Stephen Squeri said Friday. The company is taking a $336 million restructuring charge in the third quarter, disclosed alongside its quarterly results. Amex did not specify the number of jobs affected in the item; a 5% cut at a company of its size implies several thousand roles. The move is part of a wave of AI-driven restructuring across financial services, where firms are reallocating spending toward automation and technology. The charge will weigh on the quarter's earnings even as the company frames the restructuring as preparation for an AI-centric operating model.

Why it matters：Large financial firms are now restructuring around AI, and Amex's charge signals that headcount reduction tied to automation is moving from experiment to budget line across finance.

Key points

  • CEO Stephen Squeri disclosed the 5% workforce cut and the $336 million charge on Friday
  • The restructuring charge was booked in the third quarter alongside earnings results
  • Amex framed the cuts as preparation for AI

Sources (original reporting)

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