American Express to make job cuts as AI revolution ramps up

The AI revolution is rolling on – American Express is the most recent monetary providers heavyweight to announce job cuts fueled by the expertise’s inexorable rise.

Speaking throughout the firm’s third-quarter earnings convention name early Friday, American Express CEO Stephen Squeri defined that the corporate took a $336 million restructuring cost throughout the quarter and is predicted to get rid of roughly 5% of its positions globally.

“We have gotten good momentum, however to speed up innovation, and win over the subsequent few years, we wanted to turn into a extra agile and environment friendly group,” he stated.

As of Dec. 31, 2025, American Express employed roughly 76,800 individuals; roughly 25,900 have been within the U.S. and roughly 50,900 have been outdoors the U.S.

Squeri used the earnings convention name to debate AI efforts at American Express. “There has been a number of discuss how firms are utilizing AI to extend productiveness, automate processes, and usually make their organizations extra environment friendly,” he stated. “We are utilizing AI to do all of these issues too.”

With regard to AI and agentic commerce from a buyer’s perspective, Squeri stated that it’s nonetheless “early within the recreation” and famous that agentic transaction volumes are nonetheless small, though “the route is evident.”

AI is basically altering how shoppers and companies uncover, evaluate, determine, pay, and handle their funds and their lives, in accordance with Squeri. “AI offers us the chance to make Amex membership much more helpful,” he added.

American Express made a return to financial planning in 2021 with the launch of its My Financial Plan digital software.

InvestmentNews has reached out to American Express with a request for added particulars on the job cuts.

Like most sectors, the monetary providers trade is weighing the impact of AI. Citing the productiveness advantages of AI, banking big Barclays additionally introduced that it’s slicing about 5,000 jobs throughout the convention name to debate its third-quarter outcomes this week. CNBC reports that the cuts quantity to about 5% of Barclays’ workforce.

Earlier this 12 months mobile money Trust & Will underwent layoffs amid an AI-related restructuring.

Employment in monetary actions is down by 129,000 since a current peak in May 2025, in accordance with knowledge launched earlier this month by the Bureau of Labor Statistics. Most of the job loss occurred in insurance coverage carriers and associated actions, in accordance with the BLS.