American Express job cuts and the debate over AI productivity

An October 24 market roundup says American Express is cutting 5% of its global workforce to prepare for AI, with a $336 million charge. It says the company's shares fell 3.7%, weighing on the Dow. Separately, a commentator argues that layoffs do not prove AI has replaced workers, pointing to what they describe as flat revenue per employee and margins outside the Mag 7.