Amex to cut 3,500 jobs globally despite raising 2026 profit forecast
In a bid to boost operational efficiency, American Express announced it will be laying off around 3,500 employees worldwide. Despite reporting better-than-expected third-quarter earnings and upgrading its full-year forecast for 2026, the company is dealing with a decline in billed business and a looming regulatory fine for compliance issues. This restructuring is aimed at enhancing workflow while…
American Express is reducing its workforce by approximately 3,500 employees globally, despite raising its profit forecast for 2026. CEO Steve Squeri aims to control costs and streamline operations amid a broader trend of workforce reductions in the financial services sector, driven by the adoption of artificial intelligence. The company reported better-than-expected third-quarter earnings of $4.68 per share, surpassing analyst estimates, and raised its full-year 2026 earnings guidance to $18.30 to $18.60 per share.
However, Amex's billed business fell short of expectations at $454 billion, falling below the average analyst estimate of $456.9 billion. CEO Squeri emphasized the company's continued momentum, citing strength in billings, new acquisitions, and card member retention, as well as its premium-card offerings and partnerships.
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