Story perspectives

American Express to cut 5% workforce, $336M restructuring

By Drooid · Oct 23, 2026, 6:08 PM UTC · How we work

Summary

Story summary

American Express is cutting 5% of its global workforce.
CEO Stephen Squeri announced a $336 million restructuring charge on the third-quarter earnings call.
CFO Christophe Le Caillec said the cuts aim to make the firm leaner, more agile, and ready for AI.
The plan reduces management layers and expands spans of control to enable automation.

History

Historical Context

In April 1993 IBM, reeling from an $8 billion loss, hired outsider Louis V. Gerstner Jr. as CEO. He launched a sweeping restructuring that cut thousands of jobs and targeted major cost savings, reversing earlier spin-offs and refocusing on integrated services. This turnaround set a template that later financial firms have cited when trimming staff for AI initiatives.

1 of 2

Story summary

American Express is cutting 5% of its global workforce.
CEO Stephen Squeri announced a $336 million restructuring charge on the third-quarter earnings call.
CFO Christophe Le Caillec said the cuts aim to make the firm leaner, more agile, and ready for AI.
The plan reduces management layers and expands spans of control to enable automation.

1 / 2