American Express layoffs will affect about 3,800 jobs, or 5% of its global workforce, as the payments company restructures its operations. The company announced the cuts on October 23, 2026.
American Express layoffs and restructuring costs
The job cuts resulted in $336 million in one-time costs that reduced third-quarter earnings. American Express nevertheless reported a 28% rise in profit to $3.7 billion for the quarter.
Chief Executive Stephen Squeri told analysts on an earnings call that the restructuring would make the company more agile and efficient and give it greater capacity to invest in business priorities. American Express had about 76,800 employees at the end of 2025.
Preparing for wider AI use
Squeri said American Express uses artificial intelligence to improve productivity and automate processes. The company is also preparing for greater consumer use of AI, including transactions made by AI agents.
He said agentic transaction volumes remained small and that American Express was taking a risk-based approach to guard against rogue agents.
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