American Express cuts 5% of workforce in AI-driven restructuring

American Express will eliminate about 3,840 jobs, or 5% of its 76,800-strong global workforce, as it prepares to automate processes with AI. CEO Stephen Squeri said the move aims to make the company more agile and free up capacity for investment. The cuts came alongside record Q3 2026 revenue of $20.1 billion, up 9% year over year, and net income of $3.7 billion.

• About 3,840 of Amex's 76,800 employees will lose their jobs
• Q3 revenue rose 9% year over year to $20.1 billion
• Net income reached $3.7 billion, up from $2.9 billion a year earlier
• AXP shares fell roughly 3% in early trading