American Express to cut about 5% of employees — CNBC

American Express has announced plans to cut approximately 5% of its employees worldwide. The company’s CEO, Stephen Squeri, said this during a conference call with analysts following the release of third-quarter financial results.

Restructuring expenses

In the third quarter, the company will record restructuring expenses totaling $336 million. As CNBC reports, such expenses typically include payments to employees related to layoffs.

At the end of 2025, American Express employed nearly 77,000 people.

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Management’s explanation

According to Squeri, American Express has “good momentum,” but to accelerate innovation and compete successfully in the coming years, the company needed to become a more agile and efficient organization.

The CEO added that the restructuring should help American Express operate more effectively and deliver on its objectives, as well as create more opportunities to invest in priority business areas.