US $336 million restructuring charge part of company's goals to become "leaner, more agile"
American Express announced on October 23, 2026, that it will cut approximately 5% of its global workforce, with CEO Stephen Squeri disclosing the decision during a post-earnings call with analysts following the company’s third-quarter results. The company will take a US $336 million restructuring charge as a result, according to reporting by CNBC.
The company had approximately 78,000 employees globally, meaning the reduction will affect around 3,500 jobs, according to Bloomberg. The cuts will be accompanied by a US$336 million restructuring charge recorded in the third quarter.
CFO Christophe Le Caillec told CNBC the goal is to make the company “leaner, more agile, and also to prepare for AI.” In separately reported remarks on the same call, Squeri said the move is designed to “reduce layers and increase spans of controls, so that we can automate and take advantage of AI in the coming quarters and the coming years,” according to CNBC’s reporting.
No breakdown of which regions or business units would bear the heaviest reductions was provided in the initial announcement. American Express framed the move as an organisational efficiency exercise rather than a response to deteriorating business conditions.
The announcement comes a day after Barclays announced plans to eliminate approximately 5,000 jobs, also citing AI and organisational changes to lower costs and free capital for investment. Block, Coinbase, and Standard Chartered have also cited artificial intelligence as a key driver of workforce reductions, part of a broader group of more than 40 companies that have announced layoffs in 2026, according to Business Insider.
