American Express Decides to Cut 5 Percent of Its Workforce
American Express announced it will lay off approximately 3,500 employees to increase operational efficiency and streamline its hierarchical structure. The company shared this decision after reporting financial results that exceeded expectations in the third quarter.
Financial services giant American Express has decided to lay off approximately 3,500 people, corresponding to 5 percent of its total workforce.
In a statement to Bloomberg TV, CEO Steve Squeri stated that approximately 3,500 people out of a total workforce of 78,000 will be affected by this reduction. Squeri expressed that the step in question is part of a strategy to make the company more agile, reduce layers of hierarchy, and accelerate decision-making processes.
The layoff decision was announced simultaneously with the release of the company's third-quarter financial data. American Express reported its adjusted earnings per share as $4.68, surpassing the analyst expectation of $4.49. The company also announced that it raised its profit per share expectation for 2026 to a range of $18.30 to $18.60.
Sources
- bloomberght.com · Link