American Express to cut about 5% of its workforce to "prepare for AI", even as profits beat forecasts

American Express will cut about 5% of its global workforce, the company said on Friday, 23 October, as it reported third-quarter results.

How many jobs?

Amex has not published an exact number. An Amex spokesperson put the figure at about 3,500 of roughly 78,000 staff, Final Round AI reported. Other outlets estimated 3,800, using an end-2025 headcount of about 77,000. The company is booking a $336 million restructuring charge, and it has not said which locations or departments will be affected.

"Prepare for AI"

Chief financial officer Christophe Le Caillec told CNBC the aim was to make Amex "leaner, more agile, and also to prepare for AI." He described the change as removing management layers and widening teams so that work can be automated later, rather than replacing people with AI immediately.

Strong results, falling shares

The cuts came alongside better-than-expected earnings. Adjusted earnings per share were $4.68, and Amex raised its full-year forecast to $18.30–$18.60 a share. Its shares still fell about 4% on the day.

Part of a wider trend

Amex joins other financial firms cutting staff while citing efficiency and AI. Barclays plans to cut about 5,000 jobs.