American Express is cutting about 5 per cent of its global workforce as the credit card giant prepares to expand the use of artificial intelligence across its internal operations.
Chief Executive Officer Stephen Squeri disclosed the job cuts during the company’s third-quarter earnings call on Friday, adding that the restructuring would cost the company $336m.
American Express had nearly 77,000 employees at the end of 2025.
The company’s Chief Financial Officer, Christophe Le Caillec, said that the restructuring was aimed at making the business “leaner, more agile, and also to prepare for AI,” according to CNBC.
“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.”
American Express’ decision reflects a wider trend in the financial services sector, where companies are increasingly adopting artificial intelligence to automate repetitive tasks and reduce staffing costs.
On Thursday, Barclays confirmed plans to cut 5,000 jobs, representing about five per cent of its workforce, as part of a technology-driven cost-cutting strategy.
The job cuts come as financial institutions continue to benefit from strong profits, supported by rising consumer spending and resilient credit conditions.
