American Express to cut 5 per cent of jobs, about 3,500 employees
Shares were down 0.3 per cent in pre-market trading, and the company still expects 10 per cent revenue growth in 2026.
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Chart: AXP, one-minute prices, three sessions
American Express plans to cut 5 per cent of its jobs, about 3,500 employees. The news came before the US stock market opened. AXP shares were down 0.3 per cent in pre-market trading.
Earlier today, the company reported third-quarter results and raised its adjusted full-year 2026 earnings guidance to $17.60 to $17.90 a share. It still expects revenue to grow 10 per cent this year.
Cuts of this size typically point to cost control rather than distress. The move comes after a third-quarter result that beat expectations and a raised earnings outlook. The $350 million compliance settlement did not show up in operating results that quarter. American Express has described the regulatory penalty and the job cuts as contained items that leave its growth targets intact. The focus is on execution, not on any new strain on billings, credit quality or card issuance.
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