American Express is cutting about 3,500 jobs to make room for AI. The cost side of the AI trade is now hitting a card issuer: smaller headcount, more automation spend. $AXP has to show the savings rea

What happened: American Express is cutting about 3,500 jobs, roughly 5% of its global workforce, to make room for AI. Key numbers: About 3,500 jobs cut, 5% of global workforce, $336 million pretax restructuring charge. Why it matters: The restructuring charge reflects a cost the company is taking as it reshapes its workforce around AI. Coverage: 4 outlets in 24h

American Express is cutting about 3,500 jobs, roughly 5% of its global workforce, to make room for AI.

The restructuring charge reflects a cost the company is taking as it reshapes its workforce around AI.