Amex cuts 3,500 jobs as it prepares for AI assistants

American Express will cut about 5% of its global workforce, roughly 3,500 jobs, its first major layoffs in over a decade. CFO Christophe Le Caillec framed the move as preparing the company for AI, while CEO Stephen Squeri outlined five areas where AI will boost personalization, customer acquisition and agentic commerce.

• Cuts affect about 5% of Amex's global workforce, roughly 3,500 jobs
• CFO says the goal is to become leaner and more agile for AI
• CEO cites five areas where AI will enhance the card member experience
• Amex uses AI for restaurant recommendations and cash flow forecasting