American Express to cut 5% of its global workforce, about 3,500 jobs, to 'prepare for AI'

American Express is eliminating about 5% of its global workforce, roughly 3,500 jobs, and taking a $336 million restructuring charge, CEO Stephen Squeri told analysts on Friday's third-quarter earnings call. CFO Christophe Le Caillec told CNBC the goal is to make the company "leaner, more agile, and also to prepare for AI," cutting management layers so processes can be automated in the coming years. Squeri also said Amex will only let outside AI agents into its systems through approved API or MCP channels. The cuts come a day after Barclays announced 5,000 AI-linked job cuts; Amex beat profit estimates and raised guidance, but its shares fell about 4%.