American Express to cut 3,500 jobs in restructuring tied to AI

American Express plans to cut around 3,500 jobs, about 5% of its global workforce, after disclosing the move on Friday, Oct. 23, according to a news report by The Independent.

The Oct. 23 report said American Express also posted third-quarter net income of $3.71 billion, up 28% from $2.9 billion a year earlier, putting the layoffs alongside stronger card spending.

American Express said the reductions are meant to simplify operations and preserve investment capacity, according to the report. The Independent said the programme is the company’s first significant layoff round in nearly 10 years.

Christophe Le Caillec, American Express’s chief financial officer, told CNBC that the changes would make the company “leaner, more agile, and also to prepare for AI.” Artificial intelligence, software that can automate some analytical and administrative work, was described as a factor in the restructuring.

“You don’t want to automate processes that are not optimally structured,” Le Caillec said, according to the report. “So what we’re doing here is 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.”

The report, citing The Wall Street Journal, said Chief Executive Stephen Squeri wants American Express to cut management layers, accelerate decisions and position the company for growth. American Express did not specify which departments or countries would be affected.

The cuts place American Express in a broader round of workforce reductions across large financial companies. Barclays announced plans a day earlier to eliminate 5,000 roles, also about 5% of its global workforce, by the end of 2026, the report said.

Barclays Group Chief Executive CS Venkatakrishnan said AI would be deployed at scale, according to the BBC, while adding: “AI is the icing on the cake, not the cake.” Barclays said about 60% of its reductions would fall in support functions, including developer jobs.

The Independent also reported that Citigroup cut about 10% of its workforce, or around 20,000 jobs, earlier this year. HSBC is considering a multiyear plan affecting around 20,000 roles, while Standard Chartered plans to remove 15% of its workforce, or about 7,800 jobs, by 2030, the report said.

The scale of AI’s direct role in American Express’s reductions is not quantified in the report. It does not say how many of the 3,500 roles are linked to automation rather than management restructuring or other efficiency measures.

An Axios-Generation Lab poll of 1,075 Americans ages 18 to 34 released in August found that 27% believe they or someone they know has lost work because an employer replaced a role with AI, according to The Independent.

Barclays said it plans to cut 5,000 jobs, about 5% of its global workforce, by the end of 2026. The check will be whether the bank discloses completion of that reduction on that timeline.

Standard Chartered has announced plans to eliminate 15% of its workforce, or around 7,800 jobs, by 2030. Investors will be able to compare future workforce disclosures with that stated target.

HSBC is considering a multiyear plan to cut around 20,000 roles, according to the report. The next observable step would be a formal decision or company disclosure setting the timing and scope.

Source: news report, The Independent, Oct. 23, 2026