American Express plans 5% workforce reduction amid earnings rise

American Express said it plans to cut about 5% of its global workforce as it reported higher third-quarter earnings and raised the lower end of its 2026 adjusted-profit forecast. The company’s revised guidance is reported differently in the supplied coverage: three reports give a range of $17.60 to $17.90 per share, while another gives $18.30 to $18.60. The precise revised range therefore remains disputed. The planned reduction could affect about 3,900 employees, according to one report. Chief Executive Stephen Squeri said the company wants to streamline its organization, reduce management layers and speed decision-making. American Express has described the changes as part of efforts to become more efficient and adapt its operations, including to artificial intelligence. The company also reported a $336 million restructuring charge. The announcement describes a plan, not completed job cuts, and does not establish which departments will be affected. For the quarter ended September 30, American Express reported adjusted earnings of $4.68 per share, up from $4.14 a year earlier. Revenue rose to about $20.1 billion from $18.43 billion. Net income was reported at $3.7 billion,...