American Express has confirmed a sweeping restructuring initiative that will eliminate roles across various corporate, operational, and customer support departments. Company executives attributed the downsizing to ongoing structural realignment and the integration of automated software platforms designed to streamline back-office workflows. The layoffs reflect a broader wave of cost-cutting and workforce optimization sweeping through major financial institutions as tech-driven productivity tools mature. Affected employees are slated to receive severance packages, career transition support, and extended benefits as the company manages the transition. Market analysts view the move as part of a wider industry trend where traditional financial services firms trade human headcount for scalable digital infrastructure.

Full report : American Express to cut nearly 5% of its workforce to ‘prepare for AI.’