American Express plans to cut about 3,500 jobs despite strong results

American Express plans to cut about 3,500 jobs, around 5% of its global workforce of roughly 78,000.

The company announced the cuts on Friday, 23 October, alongside results for the third quarter.

Chief executive Stephen Squeri said the changes aim to make the company more efficient and simplify decision-making, rather than respond to falling demand.

American Express says it will keep investing in technology, premium cards and cardholder benefits as it competes for affluent customers.

The cuts come as the business reports strong results: revenue rose 9% year on year to $20.1 billion, and net income increased 28% to $3.71 billion.

The company also raised its 2026 profit forecast, though reports differ on the exact forecast range.

How the job cuts will be divided across teams and locations has not been detailed publicly, leaving affected employees uncertain.