American Express is cutting 5% of its workforce to 'prepare for AI'
Amex, which reported third-quarter results earlier Friday, is taking a $336 million restructuring charge in the quarter, CEO Stephen Squeri said Friday.
CNBC reports: Amex, which reported third-quarter results earlier Friday, is taking a $336 million restructuring charge in the quarter, CEO Stephen Squeri said Friday.
This business story centres on the United States. Names and organisations mentioned in the coverage include American Express, AI' and CEO Stephen Squeri.
Why it matters
Business and economic news can ripple through prices, jobs, investments and household budgets.
Key details
- Location
- United States · Americas
- Reported by
- CNBC
- First reported
- Key names
- American Express, AI', CEO Stephen Squeri
- Section
- Business
Sources
This is an independent summary. Read the full, original reporting from the publisher:
Read the full story at CNBCSpotted an error? Request a correction · How this summary was produced
Related Stories
Amex introduces a framework to prevent AI agents from making unauthorized purchases
American Express is introducing a new framework designed to ensure AI agents only make purchases their users have authorized, potentially preventing…
Epstein files take back seat in midterms but experts say issue has not gone away
Other voter concerns have prevailed but return of Congress likely to see renewed focus on late sex offender’s activities As US voters head to the…
Nvidia's role as AI financier faces first big test as neoclouds take market hit
As Nvidia has gone from chipmaker to industry financier, some investors see the company taking on outsized risk tied to the AI buildout.
Trump is pushing a massive AI buildout. His own voters are wary of what comes with it
A new CNBC survey finds broad voter opposition to nearby AI data centers, creating a political challenge for Trump and Republicans ahead of the…
Retail investors are not more sophisticated than 30 years ago, says former hedge fund manager
Retail investors trying to beat the market by buying individual stocks and complex exchange-traded funds may be better off with broad market index…
Why Israeli tourists and investors are unsettling Cypriots
Cypriots say the influx of Israelis is threatening local businesses and pushing communities out of their neighbourhoods.
Sudan’s soaring fuel prices make getting by harder for workers
Sudan is suffering from a cost-of-living crisis affecting millions across the country.
Ukraine says Starlink and Starshield high speed restrictions have been lifted
Ukraine says restrictions on Starlink and Starshield have been lifted, restoring connectivity to fast-moving military systems after disruptions.