Economy · New York, US · United States of America · October 23, 2026

American Express to cut 5% of workforce to 'prepare for AI'

Reported by 1 outlet · first reported Oct 23, 2:57 PM ET

American Express said it will cut 5% of its workforce and take a $336 million restructuring charge in the third quarter, CEO Stephen Squeri said on Friday. The company framed the cuts as preparation for artificial intelligence.

Why it matters

It is one of several large financial firms this week to cut jobs while citing AI.

Background

American Express is one of the world's largest card issuers. Barclays announced 5,000 job cuts earlier this week, also citing AI.

The story so far

1. Oct 20Lawsuit challenges Trump's 50% tariffs on Canadian goods
2. Oct 21Lawsuit challenges US tariffs on Canada as trade deal hopes fade
3. Oct 23American Express to cut 5% of workforce to 'prepare for AI'
4. Oct 24Fewer Americans fly as fuel costs push up fares
5. Oct 28Cruise ship ends voyage in Cambodia as fuel costs soar

Follow the whole story →

Sources

• CNBC ↗Oct 23, 2:57 PM ET

This summary was written automatically from the reporting linked above; follow the sources for the full story. How One Turn works.

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