It hasn't been a good week for workers in the banking and financial sector. Yesterday, UK banking giant Barclays announced it was laying off 5% of its workforce, or nearly 5,000 workers, as it transitions more of the bank's operations to artificial intelligence systems.
American Express is trimming its headcount. AI is part of the reason.
The company on Friday announced a $336 million restructuring charge as part of the layoffs, which will impact thousands of the firm's roughly 77,000 workers.
American Express is cutting management layers and expanding artificial intelligence across customer service and commerce, with rules governing how outside agents reach customers' accounts and benefits. According to a Friday (Oct.
American Express (AXP) posted a mixed Q3 and raised its annual profit guidance on Friday morning, but investors aren't celebrating. AXP shares came under pressure as the payments giant announced plans of eliminating about 5% of its global workforce.
American Express Company (NYSE:AXP, XETRA:AEC1) raised its 2026 earnings guidance after third-quarter revenue reached a record $20.1 billion, supported by stronger card spending and higher fees. The global payments group now expects full-year earnings per share (EPS) of $18.30 to $18.60, up from its previous guidance, with an adjusted EPS forecast of $17.60 to $17.90.
The credit-card company is the latest to announce layoffs this week as eBay and Volvo also said they would reduce their workforces by thousands.