American Express revealed plans Friday to cut around 3,500 jobs – about 5 percent of its global workforce – as the company’s executives admitted that artificial intelligence was a factor.

The cuts mark Amex’s first major round of layoffs in nearly a decade. The credit card giant said the move would streamline operations while allowing it to continue investing in the business but did not specify which departments or locations would be affected.

Chief Executive Stephen Squeri said the company wants to reduce management layers, speed up decision-making and position for future growth, according to The Wall Street Journal .

AI is also a factor in the restructuring.…