American Express Cuts 3,500 Jobs in First Major Layoff Round in Nearly a Decade

October 24, 2026 - 02:19

American Express is eliminating roughly 3,500 positions, marking the company's first significant round of layoffs in almost ten years. The move places the credit card giant alongside a growing list of financial firms that have trimmed their workforces in recent months.

The reductions affect staff across multiple departments, though the company has not disclosed which divisions will absorb the heaviest losses. Reports indicate that some executives have acknowledged artificial intelligence and automation as factors in the decision, reflecting a broader shift in how financial institutions approach staffing and operations.

The layoffs arrive as several major banks and financial services companies have announced similar cuts, citing everything from cost discipline to changing consumer behavior. What distinguishes this round is the candor from some leaders about technology's role. Rather than framing the cuts purely as efficiency measures, several executives have pointed to AI tools now handling tasks that previously required human staff.

For American Express, the move signals a notable departure from a period of relative workforce stability. The company had avoided large scale reductions through recent economic cycles, even as rivals restructured. Employees affected by the cuts are expected to receive severance packages and transition support, though details remain limited.

The financial sector's embrace of AI driven restructuring shows no signs of slowing. As more companies report productivity gains from automated systems, analysts expect further workforce adjustments across the industry. American Express has not indicated whether additional rounds are planned, but the precedent set by this decision may shape its staffing strategy for years to come.