Amex Cuts 5% of Staff, Takes $336M Charge as It Gears Up for AI
The card giant is trimming jobs even as it reports strong profits and lifts its yearly outlook.
MarketBuzz Daily · · $AXP
American Express plans to cut about 5% of its global workforce. It will book a $336 million restructuring charge to do it.
CEO Stephen Squeri shared the news with analysts on the third-quarter earnings call on Friday. Amex had almost 77,000 employees at the end of 2025.
The cuts come alongside good news. The company reported strong profits and raised its earnings outlook for the year.
“leaner, more agile, and also to prepare for AI.”— CFO Christophe Le Caillec, speaking to CNBC, as reported by CNBC
Key points
- Amex is cutting 5% of its global workforce and taking a $336 million restructuring charge.
- The company had almost 77,000 employees at the end of 2025.
- Profits were strong and Amex raised its full-year earnings outlook.
What it could mean for $AXP
This could show how big financial firms are thinking about costs and AI. Cutting jobs while profits are strong may suggest management wants to reshape the business before pressure builds. Investors will be watching whether other card issuers and banks make similar moves.
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