American Express is eliminating about 5% of its global workforce, Chief Executive Stephen Squeri said Friday as the card company reported third-quarter results¹.

The firm is taking a $336 million restructuring charge in the quarter, Squeri told analysts, according to CNBC¹. American Express had almost 77,000 employees at the end of 2025¹.

Chief Financial Officer Christophe Le Caillec told CNBC the restructuring was meant to make the company leaner and more agile and to prepare for artificial intelligence¹. He said the firm was reducing layers so it could automate processes in coming quarters and years¹.

Squeri said the company had momentum but needed to become more agile and efficient to accelerate innovation¹. CNBC reported adjusted earnings per share of $4.68, above a $4.48 LSEG average, with full-year unadjusted earnings guidance raised to $18.30 to $18.60 a share¹. Total revenue rose 9% to $20.06 billion, slightly below a $20.12 billion LSEG forecast, CNBC said¹.

Reuters later published a report whose headline said the AmEx chief executive stated the company would cut 5% of its total workforce². The full Reuters article could not be retrieved for this filing².

Sources

1. CNBCAmerican Express is cutting 5% of its workforceOct 23, 9:26 AM
2. ReutersAmEx CEO says company to cut 5% of total workforceOct 23, 2:35 PM

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