American Express to cut 5% of staff to 'prepare for AI' while raising profit forecast

American Express is cutting about 5% of its global workforce and taking a $336 million restructuring charge, chief executive Stephen Squeri told analysts on Friday, 23 October, CNBC reported. The company had almost 77,000 employees at the end of 2025.

“Leaner, more agile”

Chief financial officer Christophe Le Caillec told CNBC the aim was to make the company “leaner, more agile, and also to prepare for AI”, by reducing management layers so processes can be automated. A day earlier Barclays confirmed plans to cut 5,000 jobs, also about 5% of staff.

Results

Adjusted third-quarter earnings of $4.68 per share beat the $4.48 LSEG estimate, and Amex raised its unadjusted full-year guidance to $18.30–$18.60 per share from $17.30–$17.90, helped by the sale of its stake in Global Business Travel Group. Revenue rose 9% to $20.06 billion, slightly below forecasts. The shares closed down 3.7%, according to Reuters.