American Express is planning a workforce reduction as it reorganizes, with a company spokesperson estimating about 3,500 job cuts in comments to Banking Dive on Friday.
On Oct. 23, Chairman and CEO Stephen J. Squeri told investors on the earnings call that the restructuring would remove approximately 5% of American Express’ global positions. He did not give a job count on the call. Banking Dive reported the separate 3,500 estimate from a company spokesperson, who put the workforce at roughly 78,000 and declined to comment further.
The reported estimates do not line up exactly: about 3,500 against 78,000 equals roughly 4.5%, while Squeri’s measure was about 5%. American Express’ 2025 annual filing listed approximately 76,800 employees as of Dec. 31, 2025. That is a year-end count, while 78,000 is the later approximate workforce figure cited by Banking Dive.
Squeri said he had asked executives earlier this year to reconsider how work is divided among teams. He said the new setup should help the company carry out its plans and leave more resources available for business investment.
American Express recorded a $336 million pretax restructuring charge, or $253 million after tax, in the third quarter. The company said part of the $982 million pretax gain from selling its equity interest in Global Business Travel Group, Inc. went toward efficiency initiatives.
For the quarter ended Sept. 30, net income rose 28% year over year to $3.712 billion, while revenue net of interest expense increased 9% to $20.062 billion. Adjusted diluted earnings per share climbed 13% to $4.68. The company raised its full-year reported earnings-per-share outlook to $18.30-$18.60 and set adjusted guidance at $17.60-$17.90, while saying it remained on track for 10% revenue growth.
The job plan follows the quarter covered in EconoTimes’ earlier report on American Express’ earnings. American Express has not identified the teams or locations that will be affected or given a timetable for the cuts. Banking Dive reported that the spokesperson declined to provide further details.
