American Express Raises Its Profit Outlook but Cuts 3,500 Jobs as Costs Climb

American Express plans to cut about 3,500 jobs, or roughly 4.5% of its workforce, according to a company spokesperson. CEO Stephen J. Squeri previously estimated 5% cuts. The company reported a $336 million pretax restructuring charge in Q3, alongside a 28% rise in net income to $3.712 billion and 9% revenue growth to $20.062 billion. The company raised its full-year earnings-per-share outlook.

American Express (AXP) filed an 8-K with the SEC on October 23, 2026, disclosing corporate changes and voting matters. The filing includes exhibits related to the changes. Investors should review the details for potential impacts on the company's governance and operations.

American Express (AXP) plans to cut 5% of its global workforce (about 3,800 employees) to streamline operations and invest in AI. The company reported Q3 2026 revenue and net income growth but booked a ¥53 billion ($336M) restructuring charge.

The Dow Jones Industrial Average closed at 52,215.16 on Friday, down 1.23% due to declines in financial and industrial stocks. American Express fell 3.7% after announcing job cuts, despite strong earnings. Rising oil prices and bond yields contributed to the sell-off. The Dow still gained 0.4% for the week, the only major US index to do so.

American Express (AmEx) plans to cut 5% of its global workforce, citing AI-driven productivity gains and automation. CEO Stephen Squeri noted AI's growing role in consumer transactions and the need to adapt. The company is adopting a risk-based approach to AI implementation to meet market demands and customer preferences.

American Express plans to cut 3,500 jobs (5% of workforce) to streamline operations and invest in AI, according to executives. The company reported Q3 net income of $3.71B, up 28% YoY. Other financial firms, like Barclays, are also reducing staff due to AI impacts.