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

What happened: American Express is cutting 5% of its workforce as part of a restructuring effort to prepare for AI, CEO Stephen Squeri said after the company reported third-quarter results. Key numbers: 5% of workforce cut; $336 million restructuring charge in the quarter. Why it matters: The restructuring charge is tied to the workforce reduction announced alongside the third-quarter results.

American Express is cutting 5% of its workforce as part of a restructuring effort to prepare for AI, CEO Stephen Squeri said after the company reported third-quarter results.

The restructuring charge is tied to the workforce reduction announced alongside the third-quarter results.