AMEX CUTS 5% OF WORKFORCE: $336M AI-Driven Layoff Wave Hits...

American Express joins a wave of major financial services firms using artificial intelligence as justification for workforce reductions. The company's $336 million restructuring charge suggests a significant operational overhaul—cutting roughly 3,850 positions from its 77,000-person workforce. Financial institutions have increasingly pointed to AI automation to explain layoffs across trading, customer service, and back-office roles, even as some analysts question whether technology upgrades are the primary driver versus efforts to boost profit margins during an uncertain economy.