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

American Express is eliminating 5% of its global workforce and taking a $336 million restructuring charge, CEO Stephen Squeri said on the company's third-quarter earnings call. CFO Christophe Le Caillec told CNBC the restructuring was meant to make Amex "leaner, more agile, and also to prepare for AI," saying the company wants to reduce layers so it can automate processes in coming quarters and years. Amex reported adjusted earnings per share of $4.68, beating the $4.48 average estimate, and raised its full-year earnings guidance to $18.30 to $18.60 per share, while revenue rose 9% to $20.06 billion, slightly below the $20.12 billion forecast.