American Express plans to eliminate about 3,500 jobs, or 5% of its global workforce, as the credit-card company restructures operations and prepares to expand its use of AI even as revenue and profit continue to grow.
CEO Stephen Squeri disclosed the layoffs today after American Express reported third-quarter results. The company took a $336 million restructuring charge and is seeking to simplify processes, reduce management layers and increase productivity.
The cuts are not being attributed solely to AI. But American Express executives explicitly connected the restructuring to preparing the organization to make greater use of the technology. The company is already using AI to increase productivity and automate processes.
That builds on an AI push American Express described earlier this year in its 2026 chairman’s letter. The company said it had given nearly all employees access to leading AI tools and had explored hundreds of AI use cases. AI-assisted development tools had been deployed to more than 11,000 engineering professionals, reducing coding cycle time by more than 30%.
The restructuring comes while the company’s business remains strong. Revenue rose 9% from a year earlier to $20.1 billion in the third quarter, while billed business – a measure of spending on American Express cards – increased 8% to $454 billion. The company also raised its 2026 adjusted profit forecast, Reuters reported.
American Express joins a growing list of large employers restructuring their workforces as AI changes assumptions about productivity and staffing. Barclays this week announced plans to cut about 5,000 jobs while linking part of its efficiency drive to AI and other technology investments.
The American Express announcement also provides a concrete example of a trend identified by the Federal Reserve: Companies are not only eliminating positions but also reconsidering how many employees they will need as AI raises productivity.