American Express is cutting 5% of its workforce to 'prepare for AI'
Quick Look
- American Express CEO Stephen Squeri announced a 5% reduction in the company's global workforce, citing a need for increased agility and efficiency.
- The firm is taking a $336 million restructuring charge related to the layoffs.
AI-generated summary
Why It Matters
American Express reported third-quarter results and had approximately 77,000 employees at the end of 2025.
American Express CEO Stephen Squeri said Friday the card company is eliminating 5% of its global workforce.
The firm, which reported third-quarter results earlier Friday, is taking a $336 million restructuring charge in the quarter, Squeri told analysts. Those types of charges typically include employee severance costs.
Amex had almost 77,000 employees at the end of 2025.
"We've got good momentum, but to accelerate innovation and win over the next few years, we needed to become [a] more agile and efficient organization," Squeri said.
"We believe this exercise will help us operate and execute more effectively and give us greater capacity to invest in our business priorities," he said.
Open Questions
- Which specific departments or regions will be most affected by the cuts?
