Two of the largest card and banking businesses in the world announced the same cut within a day of each other. On October 22, Barclays said it will remove about 5,000 jobs, roughly 5% of its global workforce(opens in a new tab), mostly in support functions and including developers. About 1,000 roles went in the first half and the rest go by year end. On October 23, American Express said it is cutting 5% of its global workforce and taking a $336 million restructuring charge(opens in a new tab). It had almost 77,000 employees at the end of 2025.
The interesting part is how both companies describe the cause. Barclays chief executive C.S. Venkatakrishnan said the cuts are a result of technology investment the bank has made over a number of years. The bank booked £201 million of structural cost actions(opens in a new tab) in the quarter from what it called technology-enabled FTE reductions, with £300 million more planned for the fourth quarter. Amex was more direct about the order of operations. Its chief financial officer, Christophe Le Caillec, told CNBC that you do not want to automate processes that are not optimally structured, so Amex is reducing layers and increasing spans of control first(opens in a new tab), so that it can automate in the quarters after.
That sequence is the lesson for anyone 18 months into pilots with no P&L line to show. AI savings do not appear when you add a tool to an unchanged org chart. They appear when someone decides which layers, handoffs and approval steps go away, and then automates what is left. That is an operating model decision, and it belongs to the executive who owns AI results, not to HR after the fact.
There is a second detail worth copying. Amex chief executive Stephen Squeri said the company will only let outside AI agents into its systems through approved API or MCP channels(opens in a new tab). That is a stated access rule for agents, set by the chief executive. Most enterprises do not have one yet.
Action items
Barclays and American Express are both cutting about 5% of their people this week. Both say the savings come from restructuring the work first, with AI following.
For the CAIO
Pick one function and map which layers, handoffs and approvals would go away if automation worked. That map is the business case, not the tool.
For the CFO
Ask for the cost line each AI program is meant to remove, and the date it comes out. Barclays books those savings quarter by quarter.
For the CISO
Write down how outside agents may reach your systems. Amex allows only approved API or MCP channels. Then check service-principal sign-ins for ConnectWise exposure.
For procurement
Check whether agent features you already pay for, such as ServiceNow Arc, cover the need before buying new seats.
Researched and drafted by an automated workflow, then reviewed and edited by a human editor before publication. Every source is linked. See how we use AI here.
Also worth knowing
- City AMBarclays to axe 5,000 jobs by end of year after banking on AI savings(opens in a new tab)
Barclays is cutting about 5% of staff, mainly support roles including developers, and booked £201 million of technology-enabled cost actions in the quarter. Its target is over £2 billion of savings across 2026 to 2028.
- CNBCAmerican Express is cutting 5% of its workforce to 'prepare for AI'(opens in a new tab)
Amex is taking a $336 million charge to remove layers before it automates, and says outside agents get in only through approved API or MCP channels. Write the same access rule for agents touching your systems.
- Microsoft Security BlogAI-driven, large-scale nation-state campaign using ARTEX enables supply chain compromise(opens in a new tab)
Microsoft says China-aligned Storm-0940 used ARTEX agents and stolen ConnectWise app credentials to attempt sign-ins to more than 2,250 tenants, sometimes reaching privileged access in under three hours. Review activity from at least October 15, and service-principal sign-ins back to October 1.
- ServiceNowServiceNow delivers industry-first personal enterprise agent and policy enforcement with NVIDIA(opens in a new tab)
ServiceNow made its Arc personal agent generally available at no added cost in EmployeeWorks Foundation, Advanced and Prime. It is Mac only for now. If you already pay for those tiers, pilot it before buying a separate agent seat.
- CFOtechEnterprises report AI maturity but struggle to show ROI(opens in a new tab)
In a Komprise survey of 500 technical leaders, 68% called their AI programs maturing or mature, but only 21% had quantified operational savings. Customer service led at 38%. Start your ROI case where the numbers already exist.