American Express to cut about 5% of global workforce

American Express announced that it will cut approximately 5% of its global workforce to control rising costs and improve operational efficiency.

American Express released its financial results for the third quarter of 2026, with the company’s revenue rising 9% year over year to $20.1 billion.

The company had reported revenue of $18.4 billion during the same period last year.

American Express's net income also rose to $3.7 billion in the third quarter, a 28% increase year over year.

The company had reported net income of $2.9 billion during the same period last year.

The company's earnings per share rose to $5.42 in the third quarter of this year, up from $4.14 in the third quarter of last year.

American Express CEO Stephen Squeri assessed the company's performance and restructuring plan during a conference call following the announcement of the financial results.

Noting that the company plans to reduce its global workforce by approximately 5%, Squeri said the firm has gained good momentum but needs to become a more agile and efficient organization to accelerate innovation and succeed in the coming years.

Squeri noted that $336 million in expenses were recorded in the third quarter as part of the restructuring and that the plan aims to simplify the company's organizational structure and speed up decision-making processes.