American Express plans to reduce its global workforce by about 5% to improve operational efficiency, streamline management, and prepare for wider AI adoption. CEO Stephen Squeri announced this during the company’s Q3 earnings call on October 23, 2026, alongside a $336 million restructuring charge.
At the end of 2025, the company had nearly 77,000 employees, so the reduction could affect roughly 3,850 positions. However, American Express has not revealed the exact number of jobs impacted or the timeline for implementation.
Chief Financial Officer Christophe Le Caillec told CNBC the restructuring aims to make the company “leaner, more agile” and better positioned to adopt AI. He said simplifying processes and cutting management layers would help automate operations and leverage AI capabilities in the coming years.
Squeri said the restructuring will accelerate innovation, improve execution, and strengthen investment in key business priorities. The company seeks a more efficient organizational structure while maintaining business momentum.
This move reflects a broader financial services trend where firms reassess workforce needs and adopt technology to streamline tasks, boost productivity, and control costs. Barclays recently announced plans to cut 5,000 jobs, about 5% of its workforce, as part of a technology-driven cost effort.
The restructuring comes amid resilient consumer spending and business profitability in financial institutions. Still, growing AI adoption prompts companies to rethink traditional operating models and prepare for changes in work dynamics.
For American Express, the reduction is a strategic step to align with evolving technology demands. While expected to improve efficiency and support innovation, the announcement underscores AI’s increasing influence on employment and workforce planning across finance.
