American Express to cut 5% of global workforce to prioritize AI

American Express has announced plans to reduce its global workforce by approximately 5%, affecting between 3,500 and 3,900 employees. The restructuring is intended to simplify the company's organizational structure, increase operational efficiency, and prepare the firm for the widespread implementation of artificial intelligence and automation.

Chief Financial Officer Christophe Le Caillec noted that the company aims to streamline management layers and improve process control before automating tasks, stating that processes should not be automated if they are not already optimally organized. The company has accounted for a $336 million restructuring charge in the third quarter.

The announcement coincides with strong financial performance. American Express reported a 9% revenue growth in the third quarter, with adjusted earnings of $4.68 per share, exceeding analyst expectations. Following these results, the company raised its full-year adjusted profit forecast for 2026.