American Express to Cut About 3,500 Jobs — 5% of Workforce — Citing AI Readiness, Despite Record Revenue

American Express raised its 2026 profit forecast on Friday, October 23, and announced plans to eliminate 5% of its global workforce, or about 3,500 jobs, as part of a restructuring, Reuters reported. CEO Stephen Squeri said the company needed to become more "agile and efficient," and CFO Christophe Le Caillec told CNBC the goal was to become leaner and "prepare for AI" — in the same quarter revenue hit a record $20.1 billion (yaani about $20 billion, roughly ₹1.8 lakh crore at about ₹90 to the dollar).

Awaaz Punjab Investigations Desk23 October 20263 min readRead in all 3 languages

American Express raised its 2026 profit forecast above Wall Street expectations on Friday and announced plans to eliminate 5% of its global workforce, or about 3,500 jobs, as part of a restructuring, Reuters reported. Its shares were down 2.5% in morning trading after CEO Stephen Squeri told analysts the company had good momentum but needed to become a more "agile and efficient" organisation.

Source: Reuters via Los Angeles Post

The cuts come alongside a strong quarter, not a weak one. Revenue hit a record $20.1 billion, up 9% from a year earlier, and net income rose 28% to $3.7 billion, according to the company's earnings release as summarised in reporting on the results. Amex booked a $336 million restructuring charge tied to what it calls efficiency initiatives. The company has not said which countries, teams or offices will lose jobs, or when workers will be told.

Source: Workers' Rights News, summarising Amex earnings release and Reuters/Bloomberg reporting

Chief financial officer Christophe Le Caillec told CNBC the restructuring is partly meant "to prepare for AI," by cutting layers of management so the company can automate more work, according to reporting on the analyst call. Squeri said the plan will "reduce layers" so the company can "automate and take advantage of AI." Amex has about 78,000 employees, which is how the 5% figure translates to roughly 3,500 to 3,900 jobs in different outlets' estimates; Reuters put the figure at about 3,500.

Source: Workers' Rights News, citing CNBC and Reuters

Reuters noted that companies globally have stepped up job cuts in 2026, with several financial firms — including Barclays this week, which announced about 5,000 cuts — citing efficiency gains driven by artificial intelligence. Amex's consolidated expenses came in at $14.5 billion in the third quarter, up 9% over the prior year, and travel and entertainment spending by its affluent cardholders rose 10%, led by a 13% jump in the airline category. For US workers, the announcement is the latest sign that AI-linked restructuring is now reaching profitable, growing companies, not only struggling ones.

Source: Reuters via Los Angeles Post

Sources

Reuters (Manya Saini and Arasu Kannagi Basil) — AmEx lifts 2026 profit forecast, plans to cut 5% of workforce, October 23, 2026, via Los Angeles Post — https://www.lapost.com/content/american-express-raises-2026-profit-forecast-as-affluent-customers-keep-spending

Workers' Rights News — American Express will cut 5% of its workers after a record quarter; CFO says it's to 'prepare for AI', October 23, 2026 (citing Amex earnings release, Reuters, Bloomberg, CNBC) — https://www.workersrights.news/american-express-cuts-5-percent-workforce-ai/