American Express to Cut 5% of Workforce to Prepare for AI

The credit card giant is laying off roughly 3,800 employees and recording a $336 million restructuring charge, according to US and Israeli reports.

Financial services giant American Express is cutting about 5% of its workforce, amounting to roughly 3,800 employees, as part of preparations for artificial intelligence. The move was reported by CNBC, the New York Post, and Israeli news website Calcalist.

According to CNBC, the cuts were announced alongside the company's third-quarter earnings report. American Express CEO Stephen Squeri stated that the company is taking a $336 million restructuring charge in the quarter.

Further details regarding the timeline for the layoffs or which divisions will be affected have not yet been released.