American Express to cut about 3,850 jobs, takes $336 million charge
Business
American Express is letting go of about 3,850 employees worldwide, roughly 5% of its staff, as part of a plan to boost efficiency and stay nimble.
The company is taking a $336 million restructuring charge this quarter.
CEO Stephen Squeri said the move was crucial for helping AmEx grow and invest smarter in what matters most over the next few years.
Squeri says cuts boost AmEx innovation
This job cut is all about making AmEx leaner so it can innovate quicker and keep up with the fast-changing finance world.
Squeri says the goal is to help AmEx execute better and stay ahead in a tough market, all while focusing on long-term growth.