Business & Finance · October 23, 2026
American Express is cutting 5% of its workforce
American Express (Amex) has announced a reduction of approximately 5% of its global workforce, a move primarily aimed at restructuring for the integration of artificial intelligence (AI). The company is taking a $336 million restructuring charge in its third quarter to facilitate this transition, which follows a reported headcount of nearly 77,000 employees at the end of 2025. Leadership stated the layoffs are intended to make the firm leaner and more agile before automating internal processes. This announcement occurred alongside the company's third-quarter earnings report and reflects a broader trend of technology-driven job cuts within the financial and tech sectors.
Read the original coverage
- CNBCMainstream
American Express is cutting 5% of its workforce to 'prepare for AI'
Read at CNBC ↗ - Business InsiderMainstream
Companies laying off staff this year include Meta, Amazon, and American Express — see the list
Read at Business Insider ↗ - New York PostTabloid
American Express to slash 5% of workforce in latest AI-driven layoffs
Read at New York Post ↗
Reported by multiple outlets
- American Express is cutting 5% of its global workforce.
- The company is taking a $336 million restructuring charge.
- The layoffs are linked to preparations for artificial intelligence integration.
- Amex had approximately 77,000 employees at the end of 2025.
- CEO Stephen Squeri and CFO Christophe Le Caillec confirmed the move during third-quarter earnings communications.
Reported by only some outlets
- Shares of American Express closed down more than 3% following the announcement.
- Barclays recently announced 5,000 job cuts for similar AI-related reasons.
- AI has been cited in over 120,000 job cut announcements through September 2026 according to Challenger, Gray & Christmas data.
- More than 35 companies, including Meta and Walmart, have faced layoffs in 2026.
Industry-friendly coverage frames it as…
emphasize the transition to AI as a necessary step to optimize internal processes and increase agility
Skeptical / consumer coverage frames it as…
highlight the significant volume of job losses and the negative stock market reaction to the elimination of white-collar positions
About these outlets
CadNews does not determine absolute truth or endorse political viewpoints. It compares publicly available reporting, identifies shared facts, highlights framing differences, and flags uncertainty.