American Express Cuts 5% of Staff in AI-Driven Restructuring
Amex announced a 5% workforce reduction alongside a $336M restructuring charge as CEO Stephen Squeri cites AI preparation as the driver.
American Express is eliminating approximately 5% of its global workforce as part of a restructuring effort the company says is designed to position itself for an artificial intelligence-driven future, CEO Stephen Squeri disclosed Friday alongside the firm's third-quarter earnings report.
The company recorded a $336 million restructuring charge in the third quarter tied directly to the workforce reduction, signaling that the cost of the transition will weigh on near-term financials even as leadership frames the move as a long-term investment in technological capability.
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Squeri framed the cuts explicitly as preparation for AI, a rationale increasingly common among major financial institutions as they seek to streamline operations and redeploy capital toward automation and machine-learning infrastructure. The announcement places American Express among a growing roster of large employers restructuring headcount around anticipated AI efficiencies.
The layoffs, disclosed on the same day the company reported quarterly results, underscore how AI-related workforce realignments are becoming a standard feature of corporate earnings cycles rather than isolated events. The scale of the charge suggests the reductions affect a meaningful number of roles across multiple business units, though specific department breakdowns were not detailed in available disclosures.
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