The story so far · 2 days, October 22 to 23, 2026

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

One Turn followed this story across 2 editions, from London, United Kingdom on October 22, 2026. Newest first.

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

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  1. Barclays to cut 5,000 jobs as it relies more on AI
  2. American Express to cut 5% of workforce to 'prepare for AI'

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Friday, October 23, 2026 · Day 2 · Economy · New York, US · United States of America

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

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.

Sources: CNBC · See it on the globe

Thursday, October 22, 2026 · Day 1 · Economy · London, United Kingdom

Barclays to cut 5,000 jobs as it relies more on AI

Barclays said it will cut 5,000 jobs, about 5% of its global workforce, citing efficiency gains from greater use of artificial intelligence.

Why it matters: It is one of the largest AI-linked job reductions announced by a major global bank.

Sources: BBC Business, CNBC · See it on the globe

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