Not only that Barclyas. American Express will eliminate approximately 5% of its global workforce as part of a restructuring plan aimed at streamlining the organization and preparing the company for the adoption of artificial intelligence in internal processes. This was announced by CEO Stephen Squeri during the presentation of the third quarter financial results, confirming the size of the operation of approximately 336 million dollars.
A leaner organization (and 3,500 fewer people)
Chief Financial Officer Christophe Le Caillec explained in an interview with Cnbc that the goal of the plan is to make the company more agile by reducing hierarchical levels and broadening the scope of internal controls before proceeding with automation. The company intends to avoid the digitalization of processes that are not yet optimally structured, laying the foundations for exploiting artificial intelligence in the coming quarters. At the end of 2025 the group had almost 77 thousand employees. Therefore, between 3,500 and 3,850 people could be involved in the redundancies.
The trend in the banking sector
American Express’ decision is part of a general trend that is affecting the entire financial sector, where several institutions are replacing repetitive roles with automated systems. At the same time as Amex’s announcement, as mentioned, Barclays also confirmed its intention to cut 5 thousand jobs, equal to approximately 5% of its workforce, again as part of a technology-driven cost reduction initiative. The cuts come at a time of solid income for the sector, supported by the stability of credit and growth in consumption.
The new access channels
During his speech with analysts, CEO Squeri dedicated a passage to the integration of artificial intelligence, focusing on the use of technology to personalize offers and experiences for cardholders. The manager clarified that access to company systems by artificial agents will be “strictly controlled and authorized only through secure channels”, such as API or MCP platforms, to guarantee the protection of customers and merchants.
The quarter’s accounts and the stock on Wall Street
On the financial front, the company closed the quarter with results exceeding analysts’ expectations: adjusted earnings per share stood at $4.68, against the $4.48 estimated by the LSEG consensus. Total revenues grew by 9% reaching 20.06 billion dollars, slightly lower than the expected 20.12 billion (approximately 18.45 billion euros). The company raised its full-year profit guidance to a range of $18.30 to $18.60 per share, also benefiting from the sale of its stake in Global Business Travel Group. On the stock market, American Express shares fell by about 4% in trading on the day of the announcements.