American Express is cutting 5% of its workforce to 'prepare for AI'

Amex, which reported third-quarter results earlier Friday, is taking a $336 million restructuring charge in the quarter, CEO Stephen Squeri said Friday.

American Express is cutting 5% of its workforce to 'prepare for AI'

TL;DR

  • American Express is eliminating 5% of its global workforce.
  • The company is taking a $336 million restructuring charge to prepare for AI.
  • The goal is to make the organization 'leaner, more agile' and improve efficiency.
  • This involves reducing layers and increasing spans of control to enable AI automation.
  • This trend is also seen in other financial services companies like Barclays, which is cutting 5,000 jobs.

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