AmEx plans 3,500 job cuts, raises 2026 forecast

American Express plans to cut about 5% of its global workforce, or roughly 3,500 to 4,000 jobs, as it streamlines management and prepares to automate more work using artificial intelligence. CEO Stephen Squeri said the restructuring is intended to make the company more agile and free resources for investment; Barclays has also announced a plan to eliminate 5,000 jobs in an efficiency drive. AmEx reported third-quarter adjusted earnings of $4.68 per share, beating estimates, and raised its full-year earnings forecast, supported by higher card fees and customer spending. Billed business rose 8% to $454 billion, while travel and entertainment spending increased 10%, led by airline and restaurant purchases, though card spending growth fell short of analysts’ expectations.