American Express to cut about 5% of its global workforce as third-quarter profit beats estimates
American Express said it is eliminating about 5% of its global workforce and taking a $336 million restructuring charge, as it reported third-quarter earnings above analysts' estimates and raised its full-year guidance.
American Express is eliminating about 5% of its global workforce and taking a $336 million restructuring charge, Chief Executive Stephen Squeri told analysts on the company’s third-quarter earnings call on Friday 23 October, CNBC reported. The company had almost 77,000 employees at the end of 2025.
Chief Financial Officer Christophe Le Caillec told CNBC the restructuring was intended to make the company “leaner, more agile, and also to prepare for AI”. He said the company aimed to “reduce layers and increase spans of controls” so that it could automate processes.
“We’ve got good momentum, but to accelerate innovation and win over the next few years, we needed to become [a] more agile and efficient organization,” Squeri said on the call, according to CNBC.
Adjusted earnings were $4.68 per share, above the average analyst estimate of $4.48 compiled by LSEG, CNBC reported. Total revenue rose 9% to $20.06 billion, slightly below the LSEG forecast of $20.12 billion. The company raised its full-year earnings guidance to $18.30 to $18.60 per share, from $17.30 to $17.90, helped by proceeds from the sale of its stake in Global Business Travel Group, Le Caillec said.
American Express shares fell 3.5% in New York trading on Friday, Reuters reported.
Barclays said on Thursday it plans to cut 5,000 jobs; see our earlier report.
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