American Express is cutting 5% of its global workforce and booking a $336M restructuring charge, CEO Steve Squeri told analysts on Friday's third-quarter earnings call.
Amex did not give an exact count, and reports put the number of affected roles at roughly 3.5K to 3.9K.
Squeri said he asked senior leaders to streamline the organization and speed up decision making, and he described AI's productivity benefits separately rather than pinning the full cut on automation.
Reported estimates of Amex roles being cut (as of Oct. 23, 2026)
Bar chart. Roles. Low estimate: Employees 3,500. High estimate: Employees 3,900.
Banks are thinning out while profits hold up
Barclays confirmed this week it would eliminate 5K jobs, also roughly 5% of staff, in its own technology-driven cost push.
HSBC is planning reductions across its UK wealth-management business, and Citigroup has been lowering headcount as well.
The cuts land while consumer spending stays strong, which makes them a margin decision rather than a demand one.
Amex's expenses climbed about 9% to $14.5B in the quarter, with member rewards costs up 10% and marketing up 11%.
What Amex wants AI to actually do
The company rolled out its first AI voice agents for customer conversations and leans on AI behind the scenes to help staff handle service problems and look into disputes.
Squeri drew a hard line on outside AI agents touching Amex systems, saying only connections approved through secure channels get access.
Amex is also building purchase-intent authentication and protections for eligible purchases made by registered AI agents, though agentic payment volumes remain small.
Its agentic tools are built in-house using technology from Hyper, an AI company Amex bought this year, and Center, an expense management firm it acquired in 2025.
On the quarter, revenue rose 9% to $20.06B and adjusted earnings came in at $4.68 per share, ahead of analyst estimates.
Part of the restructuring was funded by the gain from Amex's sale of its stake in Global Business Travel Group.
