According to BeInCrypto, American Express (Amex) shares closed 3.62% lower on Friday despite exceeding Q3 profit estimates. The company announced plans to reduce roughly 5% of its approximately 77,000 global workforce as part of efforts to prepare for artificial intelligence integration. In addition, Amex recorded a $336 million restructuring charge related to this initiative.
The stock movement occurred after the credit card company delivered better-than-expected earnings and revenue performance in the most recent quarter. The workforce reduction figure refers to approximately five percent of total employees worldwide. The restructuring charge is directly tied to the announced plan for AI preparation.
