American Express is initiating a corporate restructuring that involves cutting approximately 5% of its global workforce. The company recorded a $336 million charge related to these organizational changes, which aim to streamline management layers and accelerate decision-making processes.
The firm is expanding the use of artificial intelligence across its customer service and commerce operations. New protocols have been established to control how external AI agents access customer accounts, limiting interactions to approved API or MCP channels to ensure security for merchants and cardholders.
Financial results for the third quarter show a 9% revenue increase, reaching $20.1 billion. Management reaffirmed its full-year revenue growth forecast of 10%. Consumer spending in the U.S. grew by 9.4%, with Generation Z cardholders showing a 35% increase in spending.
American Express is integrating AI to assist employees with service issues and dispute resolutions. The company is also developing new payment authentication methods that incorporate contextual data, while simultaneously expanding its business services to compete with firms like Ramp and Brex.
