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Amex slashes 5% as it strips out management layers to clear the way for AI
Amex is booking a $336 million restructuring charge in the third quarter to cover the plan. The company employed approximately 76,800 people at the end of 2025, according to its annual report filed with the SEC, which puts 5% at about 3,800 roles. Bloomberg News reported that Squeri put the number at about 3,500. Amex did not say on the call which teams or countries would be affected.
Structure first, automation second
Chief financial officer Christophe Le Caillec tied the cuts more directly to artificial intelligence. He told CNBC the restructuring would make Amex leaner and ready for AI, because “you don’t want to automate processes that are not optimally structured.” The company plans to remove management layers and give the remaining managers wider spans of control, he said, and then automate more of its work over the next few years.
For HR teams, the order of operations is the notable part. Amex is redrawing reporting lines first and adding automation afterward, which puts org design, usually an HR responsibility, at the start of the company’s AI rollout.
Squeri also described AI as a way to improve customer service. He said Amex has launched its first conversational AI voice agents and is giving colleagues AI tools to resolve customer problems faster, including complaints and disputes, while leaving staff to handle the cases that need personal attention. He added that this quarter’s charge is larger than the company’s typical restructuring charges.
Cutting after a record quarter
The cuts come in a strong year. Net income rose to $3.7 billion from $2.9 billion a year earlier, earnings per share climbed 31% to $5.42, and Amex raised its full-year EPS guidance to between $18.30 and $18.60, according to its third-quarter 2026 earnings release. Part of a $982 million pre-tax gain from selling its stake in Global Business Travel Group is paying for the restructuring.
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