AmEx Restricts AI Use Despite Record Revenue

American Express headquarters executives.

AmEx Keeps a Tight Rein on AI As It Posts Record Revenue

Recently, digital payments have been affected by agentic issues, but American Express’s top executives insisted the payment company is keeping a tight control on the technology. “We’re not going to allow agents to run rogue through our system. That’s not going to happen,” said AmEx chief executive Steve Squeri during a call with equity analysts. “We’ll be selectively looking at agents and how they act.”

The agentic plans come as AmEx sheds employees. News emerged early Friday that the company is cutting 5% of its headcount in an effort to contain costs.

For the quarter, AmEx recorded just over $20 billion in revenue, a quarterly record, Squeri said, and up 9% year-over-year. Revenue year to date came to $58.6 billion, up 10%. The company recorded $3.71 billion in net income for the quarter, fully 28% more than a year ago, while for the year so far the net totaled $9.79 billion, up 17%. Included in the revenue figures is discount charges, the fees merchants pay when they accept an AmEx card. These totaled $10.17 billion, up 8%.

Restaurant spending, a key sector for AmEx, grew 9% in the quarter, as Squeri noted the vertical “will continue to help drive growth for us.”

Building Trust With Cardholders

The key, Squeri said, is to build on the trust AmEx has built up with cardholders over the years. “Our ambition is to make American Express the trusted agentic partner,” he said. “We need to know what the agent is, who authorized it, and make sure purchase intent is preserved.” AmEx’s position as both issuer and acquirer, he added, puts the company in a “unique position to connect cardmembers, agents, and merchants.” AI, he noted, offers “a level of personalization on a scale we couldn’t achieve before.”