American Express Stock Shocks Despite Positive Revenue and Earnings

American Express (Amex) shares closed 3.62% lower on Friday. This came as a surprise, as the credit card giant exceeded Q3 profit estimates. The company also announced plans to cut about 5% of its 77,000 global workforce to prepare for AI. Amex is also taking a $336 million restructuring charge tied to the plan. Amex Wants Fewer Layers Before It Hands Work to AI Chief Financial Officer Christophe Le Caillec gave CNBC three reasons for the move. To make Amex leaner To make the company more agile To prepare it for AI He also explained why the job cuts have to come before the automation. “You don’t want to automate processes that are not optimally structured.

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