American Express and Barclays Plan Thousands of Job Cuts Amid AI-Driven Restructuring

American Express and Barclays have announced plans to cut thousands of jobs as they restructure their operations and increase their use of technology and artificial intelligence.

American Express and Barclays are reducing staff as they pursue organizational changes and greater efficiency through technology and artificial intelligence. [Photo: American Express X]

American Express CEO Stephen Squeri said on Friday that the company would eliminate approximately 5% of its global workforce.

With about 76,800 employees at the end of 2025, the reduction would amount to roughly 3,800 to 3,900 positions, according to a report by Grace O’Donnell for Yahoo Finance.

“We've got good momentum, but to accelerate innovation and win over the next few years, we needed to become a more agile and efficient organization,” Squeri said while presenting the company’s quarterly results.

“We believe this exercise will help us operate and execute more effectively and give us greater capacity to invest in our business priorities,” he added.

The announcement followed Barclays’ disclosure on Thursday that it planned to reduce its workforce by approximately 5,000 positions, or around 5% of its employees, by the end of 2026.

The British bank said the reductions were part of a broader effort to simplify its organization, improve efficiency and reduce costs through technology-enabled changes.

About 60% of Barclays’ planned job cuts are expected to affect support functions, including developer roles, according to the bank’s third-quarter earnings presentation.

Chief Financial Officer Anna Cross said approximately 1,000 positions had already been eliminated, with another 4,000 expected to be cut by the end of the year.

Barclays has described the changes as part of a wider modernization effort.

The bank is increasing its use of AI and automation while reorganizing operations to reduce expenses and free up resources for investment.

The announcements highlight how financial institutions are reassessing staffing and business processes as AI tools become more widely used.

However, not every position being eliminated can necessarily be attributed directly to AI: both companies have also cited efficiency, organizational changes and the need to redirect investment toward business priorities.