American Express cuts 3,800 jobs to streamline for AI integration
Financial services giant American Express is reducing its global workforce by 5 percent as part of an organizational restructuring aimed at automating core processes through artificial intelligence.
American Express announced on Friday that it is eliminating approximately 3,840 positions, representing 5 percent of its global workforce. CEO Stephen Squeri described the move as a necessary step to increase organizational agility and efficiency as the company prepares for its next phase of innovation.
Chief Financial Officer Christophe Le Caillec clarified that the restructuring is intended to optimize business processes ahead of wider AI implementation. By reducing reporting layers and refining control spans, the company aims to create a foundation where automation can be deployed effectively in future quarters.
The staff reductions were disclosed alongside the company's third-quarter earnings report, which revealed revenue of $20.1 billion and net income of $3.7 billion. Despite the strong financial performance, shares fell approximately 3 percent, mirroring broader market volatility driven by rising geopolitical tensions in the Middle East.
This workforce reduction follows a pattern of consolidation across the global financial sector. Other major institutions, including Barclays, Citigroup, and HSBC, have all announced significant job cuts earlier in 2026 as banks look to lower costs and leverage emerging technologies.