American Express plans to reduce its global workforce by about 5%, according to Anadolu Agency, with the company saying the move is intended to control costs and improve operations as third-quarter net income rose 28%.
Chairman and CEO Stephen J. Squeri discussed the plan Friday. The company said the changes should streamline its organization, while Squeri said they would help managers make decisions more quickly.
American Express reported $3.7 billion in third-quarter net income, compared with $2.9 billion a year earlier. Revenue net of interest expense rose 9% to $20.1 billion. Higher Card Member spending, net interest income and card fee growth accompanied the revenue increase.
The quarter included a $336 million pretax restructuring charge. American Express said some of the $982 million pretax gain from selling its stake in Global Business Travel Group, Inc. went toward efficiency initiatives tied to the restructuring.
On an adjusted, non-GAAP basis, earnings per share rose 13% to $4.68. That calculation excludes the gain from the stake sale and adds back the restructuring charge.
American Express also raised its 2026 earnings outlook after the quarter. It expects diluted earnings per share of $18.30 to $18.60 and adjusted earnings per share of $17.60 to $17.90. Squeri said the updated forecast reflected the company's performance so far in 2026 and that it remained on track to grow revenue 10% for the year.
