American Express to Cut About 5% of Global Workforce in AI-Linked Restructuring
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American Express plans to cut about 5% of its global workforce, a move the company said is aimed at reducing layers and speeding up decision making, The Wall Street Journal reported. The card issuer said Friday it expects a $336 million restructuring charge in the third quarter, CNBC reported. The cuts come on top of the company’s raised profit outlook on increased member spending, the Journal said.
Chief Financial Officer Christophe Le Caillec told CNBC the reductions would make the company leaner and more agile, and prepare it for the artificial-intelligence era, by cutting management layers and widening “spans of control” — the number of employees reporting to each manager. Chief Executive Stephen Squeri said in a statement that American Express has “great momentum” and is becoming “more agile and efficient,” CNBC reported. The company had about 77,000 employees at the end of 2025, CNBC said, implying reductions in the thousands.
The announcement came a day after Barclays said it would cut about 5,000 jobs, roughly 5% of its workforce, as The Wall Street Journal and International Business Times reported. IBTimes described American Express as the latest company to announce large-scale layoffs amid the AI boom. Business Insider listed American Express among more than 35 companies that have announced layoffs in 2026, including Meta, Amazon and Walmart.
American Express raised its full-year earnings guidance on Friday on the strength of card spending by consumers and businesses, The Journal reported, and its shares rose in trading after the results, the paper said. The restructuring charge will be recorded in results reported this quarter, CNBC said.
The cuts are part of what the company described as an ongoing reshaping of its operations rather than a response to weak performance, CNBC reported. Le Caillec said the company expects savings from the restructuring to begin flowing through next year, the network said. Business Insider reported that many of the year’s job cuts across large companies have been attributed by executives to efficiency drives and the adoption of AI tools rather than declining revenues.