American Express announced Friday it is cutting five percent of its global workforce, or around 3,800 jobs, while it revamps operations as artificial intelligence roils the payment industry.
The restructuring will make AmEx a “more agile and efficient organization,” Chief Executive Stephen Squeri told analysts on an earnings conference call.
“When completed, we believe this exercise will help us operate and execute more effectively and give us greater capacity to invest in our business priorities.”
The job cuts resulted in one-time costs of $336 million that lowered third-quarter earnings. The company reported a 28 percent rise in profits to $3.7 billion.
AmEx had about 76,800 employees at the end of 2025, according to a securities filing. The company did not provide additional details about the restructuring in response to an AFP query.
AmEx, like other companies, is using AI to boost productivity and automate processes, Squeri said. But the company is also preparing for greater consumer use of AI.
“Agentic transaction volumes are still small, but the direction is clear,” he said. “AI is fundamentally changing how consumers and businesses discover, compare, decide, pay and manage their finances and their lives.”
Squeri said AmEx was taking a “risk-based approach” to AI to guard against rogue agents, but that the company must respond to the market.
“You have to embrace AI, and you have to do what your customers want to do,” he said.
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