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

American Express has announced a 5% reduction in its global workforce to facilitate a transition toward AI-driven operations. This restructuring is part of a larger $336 million charge reported during the company's third-quarter earnings. The move is intended to optimize the company's technological capabilities and long-term efficiency. While the cuts aim to improve margins, they reflect the growing pressure on traditional finance to automate. Investors are weighing the immediate costs of restructuring against the potential for future technological gains.