American Express layoffs: 78,000 employees in firm; the move will affect about 3,500 jobs - here's what AmEx plans to do
American Express plans to cut around 3,500 jobs, or approximately 5% of its global workforce, despite reporting stronger earnings and raising its profit outlook for 2026.
The restructuring is intended to simplify operations, reduce organisational layers and allow the financial services giant to move faster on its business priorities.
The announcement came on Friday, 23 October, alongside the company's third-quarter results. American Express had around 76,800 employees at the end of 2025, according to its latest annual filing, putting its workforce at close to 78,000 before the planned reductions.
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Chief executive Stephen Squeri said the company needed to become more efficient even as its business continued to perform well.
"We've got good momentum, but to accelerate innovation and win over the next few years, we needed to become a more agile and efficient organization," Squeri told analysts, according to The Wall Street Journal.
The cuts are not being presented as a response to a collapse in customer demand. Instead, the company says it wants to streamline its structure and redirect resources towards areas considered important for future growth.
The proposed reductions are expected to help American Express simplify decision-making and improve operational efficiency. The company also intends to continue investing in technology, its premium card offerings and benefits for cardholders.
American Express has been strengthening its membership model, which centres on premium credit cards, annual fees, travel privileges and other customer benefits. Competition for affluent customers remains intense, making investment in products and customer retention an important part of its strategy.
The restructuring comes with a financial cost. The company disclosed restructuring expenses associated with its efficiency initiatives, partly funded by proceeds from the sale of its stake in Global Business Travel Group.
The workforce announcement coincided with a strong third quarter. American Express reported revenue of $20.1 billion, up 9% from a year earlier, while net income increased 28% to $3.71 billion.
Adjusted earnings reached $4.68 per share, exceeding analysts' expectations. Cardholder spending also remained robust, with billed business rising 8% year-on-year to $454 billion.
The company subsequently raised its full-year adjusted earnings forecast to between $17.60 and $17.90 per share. It also maintained its expectation of approximately 10% revenue growth for 2026.
The results suggest that the job reductions are part of a broader effort to reshape the business rather than an immediate response to weakening revenues.
For employees, however, the announcement brings uncertainty despite the company's upbeat financial performance. American Express has not publicly detailed in the cited reports exactly how the reductions will be distributed across departments and locations.
The announcement also highlights a wider corporate trend: even companies reporting growth are reviewing their staffing structures as they seek to control costs and accelerate innovation.
Trisha Bhattacharya is a Senior Content Producer at Livemint, with over two years of experience covering entertainment news from India and beyond. She spends her days tracking what’s trending, breaking down pop culture moments, and turning fast-moving entertainment stories into sharp, engaging reads that actually make people want to click — and stay. <br> She holds a Master’s degree in English Literature from Lucknow University, a background that shapes her love for layered narratives, strong voices, and stories that linger long after they’re told. Before joining Livemint, Trisha worked with India Today as an entertainment journalist and film critic. There, she reviewed films, covered industry news, and built a strong foundation in storytelling and cultural analysis. <br> Trisha enjoys working at the intersection of media, culture, and audience interest, always looking for fresh angles and formats. Films, shows, and music are not just her beat but her biggest passion — something that naturally reflects in her writing. Whether it’s cinema, streaming shows, music, or internet trends, she approaches every story with curiosity and intent. <br> Outside the job description, she’s unapologetically passionate about films, shows, and music — sometimes a little too passionate, if you ask her. That enthusiasm often spills into her work, adding personality, urgency, and a touch of chaos that keeps her writing alive. For Trisha, entertainment isn’t just a beat — it’s a language she speaks fluently.
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