American Express to Cut 5% of Global Workforce, Books $336 Million Restructuring Charge

American Express (AXP) is cutting about 5% of its global workforce, a restructuring tied partly to preparing the company for artificial intelligence, CEO Stephen Squeri said Friday on the company's third-quarter earnings call. The financial services company recorded a $336 million restructuring charge in the quarter related to the reduction. Squeri said strong business performance this year allowed increased marketing and technology investment, and the company opted to deploy some of those gains toward organizational efficiency. CFO Christophe Le Caillec told CNBC the restructuring aims to make the organization "leaner, more agile and ready for AI." American Express had roughly 76,800 employees worldwide as of the end of 2025. Third-quarter adjusted earnings per share came in at $4.68, with revenue up 9% year over year to $20.06 billion. Analysts surveyed by Visible Alpha had expected EPS of $4.49 on revenue of $20.14 billion. The company also raised its full-year EPS outlook. Shares fell more than 3.5% on Friday and are down 15% year to date.