It hasn’t been a good week for workers in the banking and financial sector. Yesterday, UK banking giant Barclays announced it was laying off 5% of its workforce, or nearly 5,000 workers, as it transitions more of the bank’s operations to artificial intelligence systems.
Across the Atlantic this morning, an American financial giant made a similar announcement.
The American Express Company (NYSE: AXP), owner of the eponymous credit card and associated financial services, announced that it will slash 5% of its workforce due to AI. Here’s what you need to know.
What’s happened?On Friday morning, American Express CEO Stephen Squeri announced that the U.S. financial giant was eliminating 5% of its global workforce.
American Express had roughly 76,800 employees at the end of 2025, so a 5% reduction equates to about 3,840 job losses.
Amex confirmed the layoffs to Fast Company when reached for comment.
“We’ve got good momentum, but to accelerate innovation and win over the next few years, we need to become a more agile and efficient organization,” American Express CEO Steve Squeri said on a call this morning with analysts.
Squeri added: “When completed, we believe this exercise will help us operate and execute more effectively and give us greater capacity to invest in our business priorities.”
And yes, artificial intelligence is one of the facets driving the layoffs.
American Express chief financial officer Christophe Le Caillec told CNBC that the restructuring in part would help the company “to prepare for AI.”
“You don’t want to automate processes that are not optimally structured, and so what we’re doing here is to reduce layers and increase spans of controls, so that we can automate and take advantage of AI in the coming quarters and the coming years,” Le Caillec told the network.
American Express stock fallsFollowing the layoff news, American Express’s stock price fell—but likely not because the company announced layoffs.
Despite the harm to the individual losing their jobs, Wall Street generally cheers job cuts because they are the fastest way for companies to reduce spending and thus increase their bottom line.
The cuts were announced alongside Amex’s Q3 2026 results today. Those results saw the financial giant report record third-quarter revenue of $20.1 billion, which was up 9% year-over-year. Net income reached $3.7 billion, up from $2.9 billion a year earlier.
Yet the company’s stock price is currently trading down around 3% in early morning trading, likely related to a general fall in markets as Brent crude reaches a six-month high amid the ongoing U.S. conflict with Iran.
Year to date, AXP has now fallen around 13%.
As Fast Company reported yesterday, Barclays—and now American Express—are not the only banking giants that have cut jobs in 2026.
Both Citigroup and HSBC cut 10% of their workforces earlier this year. Standard Chartered said it will cut 15% of its workforce by 2030.
Greg Ritchie / Bloomberg:
Sources: Kalshi is targeting a December rollout for exchange-traded futures contracts tracking US inflation, rivaling exchanges like CME and ICE — Kalshi Inc. is opening up a new frontier in its rivalry with traditional financial exchanges by pitching the world's largest banks and hedge funds on a futures market tied to US inflation.
Theatergoers have been fans of the line “Cry ‘Havoc!’, and let slip the dogs of war” since 1599. Now venture capitalists are coming around to the phrase.
A new startup called Warhound has emerged from stealth with $200 million in funding to genetically engineer dogs for the U.S. military and equip them with high-tech gear. Its founders call it a modernization of America’s military working-dog program.
Those founders know more than a bit about both genetic modification and warfare. Warhound was conceived by Colossal co-founder Ben Lamm and Palmer Luckey, co-founder of defense technology company Anduril Industries and founder of Oculus VR.
Colossal is best known for its ongoing attempts to “de-extinct” several animal species, including the woolly mammoth and the dodo. Anduril has received more than $25 billion in government and defense contracts.
“Every day, we ask dogs to put their lives on the line to protect ours. They detect explosives, protect our troops, and run toward dangers that most people are trained to run away from. Yet we’re still relying on outdated approaches to breeding and training these extraordinary animals,” Lamm said in a statement.
Warhound is already working on its first batch of genetically modified dogs, collecting blood samples from what it says are top-performing service animals in military, police, and first responder operations. The company plans to clone those dogs and edit their genes to improve their performance.
The first litter of genetically modified puppies, expected in 2027, will consist primarily of Belgian Malinois, Labradors, and shepherds.
The dogs will also be equipped with “Anduril’s advanced cybernetic Augments, software, and battlefield situational awareness,” according to the company’s announcement. That will include body armor as well as eye and ear protection.
“Man’s best friend deserves man’s best tech,” Luckey said.
The effort also aligns with the Trump administration’s emphasis on domestic production. In announcing the company, the founders noted that 80% of U.S. military dogs, of which there are currently more than 2,200, come from Europe, “creating a critical interdependency on foreign nations for an asset the Pentagon itself calls irreplaceable.”
Luckey and Lamm first conceived Warhound several years ago after a conversation at a moonshot summit. More than half of the dogs considered for military service fail to complete their training, according to the company, driving up costs and making the program less reliable.
Reasons for failure can range from poor eyesight to health problems such as cancer or hip dysplasia. Through gene editing, Warhound hopes to address those issues while enhancing traits such as speed and sense of smell, which are critical to detecting bombs and other hazards. The goal, its founders say, is not to create a new breed of dog but to improve the performance of existing breeds.
Genetically modifying dogs could raise concerns among animal welfare advocates, but Warhound says animal welfare will be a core part of its operations. The company is working with the American Humane Society, which will certify Warhound’s training programs and support efforts to reunite retired military working dogs with their former handlers.
“Working dogs are extraordinary animals whose courage and loyalty save lives,” said Robin Ganzert, president and CEO of American Humane Society. “Success means helping these dogs thrive throughout their lives—from training and active service to the loving, dignified retirement every canine hero deserves.”
David Spirk, a Marine Corps veteran and former senior counselor at Palantir, will serve as Warhound’s CEO. The company will be based in Dallas. Colossal holds equity in the business, while Luckey is a partner but does not have an ownership stake.
Theatergoers have been fans of the line “Cry ‘Havoc!’, and let slip the dogs of war” since 1599. Now venture capitalists are coming around to the phrase.
A new startup called Warhound has emerged from stealth with $200 million in funding to genetically engineer dogs for the U.S. military and equip them with high-tech gear. Its founders call it a modernization of America’s military working-dog program.
Those founders know more than a bit about both genetic modification and warfare. Warhound was conceived by Colossal co-founder Ben Lamm and Palmer Luckey, co-founder of defense technology company Anduril Industries and founder of Oculus VR.
Colossal is best known for its ongoing attempts to “de-extinct” several animal species, including the woolly mammoth and the dodo. Anduril has received more than $25 billion in government and defense contracts.
“Every day, we ask dogs to put their lives on the line to protect ours. They detect explosives, protect our troops, and run toward dangers that most people are trained to run away from. Yet we’re still relying on outdated approaches to breeding and training these extraordinary animals,” Lamm said in a statement.
Warhound is already working on its first batch of genetically modified dogs, collecting blood samples from what it says are top-performing service animals in military, police, and first responder operations. The company plans to clone those dogs and edit their genes to improve their performance.
The first litter of genetically modified puppies, expected in 2027, will consist primarily of Belgian Malinois, Labradors, and shepherds.
The dogs will also be equipped with “Anduril’s advanced cybernetic Augments, software, and battlefield situational awareness,” according to the company’s announcement. That will include body armor as well as eye and ear protection.
“Man’s best friend deserves man’s best tech,” Luckey said.
The effort also aligns with the Trump administration’s emphasis on domestic production. In announcing the company, the founders noted that 80% of U.S. military dogs, of which there are currently more than 2,200, come from Europe, “creating a critical interdependency on foreign nations for an asset the Pentagon itself calls irreplaceable.”
Luckey and Lamm first conceived Warhound several years ago after a conversation at a moonshot summit. More than half of the dogs considered for military service fail to complete their training, according to the company, driving up costs and making the program less reliable.
Reasons for failure can range from poor eyesight to health problems such as cancer or hip dysplasia. Through gene editing, Warhound hopes to address those issues while enhancing traits such as speed and sense of smell, which are critical to detecting bombs and other hazards. The goal, its founders say, is not to create a new breed of dog but to improve the performance of existing breeds.
Genetically modifying dogs could raise concerns among animal welfare advocates, but Warhound says animal welfare will be a core part of its operations. The company is working with the American Humane Society, which will certify Warhound’s training programs and support efforts to reunite retired military working dogs with their former handlers.
“Working dogs are extraordinary animals whose courage and loyalty save lives,” said Robin Ganzert, president and CEO of American Humane Society. “Success means helping these dogs thrive throughout their lives—from training and active service to the loving, dignified retirement every canine hero deserves.”
David Spirk, a Marine Corps veteran and former senior counselor at Palantir, will serve as Warhound’s CEO. The company will be based in Dallas. Colossal holds equity in the business, while Luckey is a partner but does not have an ownership stake.