American Express Is Cutting About 5% of Jobs. No Card Rate Changed.

American Express said Friday, October 23, that it is cutting about 5% of its global workforce and taking a $336 million restructuring charge. Chief executive Stephen Squeri told analysts the goal is a more agile company. Chief financial officer Christophe Le Caillec told CNBC the restructuring is meant to make Amex leaner and to prepare for artificial intelligence, including fewer management layers before more work is automated.

Amex had almost 77,000 employees at the end of 2025. The company did not publish a current headcount or a U.S.-only figure, so the number of people losing jobs now is not a precise public total. CNBC also noted that Barclays confirmed plans Thursday to cut about 5,000 jobs, roughly 5% of its staff. That is a separate decision.

The card business itself was still growing. Adjusted earnings were $4.68 a share, above the $4.48 analyst estimate, and revenue rose 9% to $20.06 billion. Amex raised its full-year earnings range, helped by proceeds from selling a stake in Global Business Travel. Shares fell roughly 4% Friday afternoon. None of those results was a change to card fees or to the interest rate on a balance a customer already carries.

Could these job cuts change your American Express fee or card interest rate? No fee or rate change was announced. The verified step is a workforce reduction and a restructuring charge, not a new price for cardholders.