AMEX TO SHRINK WORKFORCE AS IT ADJUSTS TO AI AND RISING COMPETITION

Summary from the TLDR Fintech newsletter

American Express plans to cut about 3,500 jobs, roughly 4.5% of its workforce, as CEO Stephen Squeri pushes for faster decision-making, higher productivity, and a leaner operating model. Amex also plans to deploy more AI agents across its commercial and consumer products as competition intensifies from JPMorgan, Visa, Mastercard, Ramp, and Capital One-owned Brex.