American Express cuts about 3,500 jobs, raises 2026 profit outlook
Business
American Express (Amex) is letting go of about 3,500 employees worldwide (around 5% of its staff) to simplify how the company runs and manage rising costs.
Even with this tough call, Amex actually raised its profit forecast for 2026 after reporting stronger-than-expected results last quarter.
Amex streamlines management amid spending slowdown
The layoffs are part of Amex's plan to make the company more agile by cutting extra management layers.
While expenses jumped 9% to $14.5 billion in the third quarter, they were still lower than predicted.
Despite solid earnings, growth in customer spending has slowed a bit, so Amex is focusing on staying efficient, just like other big banks facing similar challenges right now.