American Express to Cut 3,500 Jobs
American Express plans to eliminate 3,500 jobs, amounting to 5 percent of its global workforce, while concurrently raising its profit forecast for 2026. Chief Executive Officer aims to reduce expenses as quarterly costs increased to $14.5 billion. The workforce reduction affects approximately 3,500 roles out of 78,000 total employees. Leadership frames the downsizing effort around preparing for artificial intelligence and streamlining operations to improve efficiency, matching a wider trend of corporate cost containment even as quarterly profit jumps driven by strong customer demand for premium offerings like the $895 Platinum Card.
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- ✓ American Express plans to cut about 3,500 jobs, representing 5 percent of its 78,000 global employees.
- ✓ The company lifted its 2026 profit forecast and reported rising third-quarter profits.
- ✓ Quarterly costs rose 9 percent to $14.5 billion.
- ✓ Customers continue to stick with the $895 Platinum Card.
What changed
American Express announced a 5 percent workforce reduction alongside its third-quarter financial results and upgraded profit forecast.
Live updates
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American Express Announces 3,500 Job Cuts
American Express plans to eliminate 3,500 jobs, amounting to 5 percent of its global workforce, while concurrently raising its profit forecast for 2026. Chief Executive Officer aims to reduce expenses as quarterly costs increased to $14.5 billion. The workforce reduction affects approximately 3,500 roles out of 78,000 total employees. Leadership frames the downsizing effort around preparing for artificial intelligence and streamlining operations to improve efficiency, matching a wider trend of corporate cost containment even as quarterly profit jumps driven by strong customer demand for premium offerings like the $895 Platinum Card.
Why it matters
The company reported stronger third-quarter results alongside the workforce reduction announcement, demonstrating solid revenue even as operating expenses climbed 9 percent. AmEx is transitioning most members to higher-fee card products, helping maintain financial momentum. The decision to trim headcount aligns with corporate efforts to manage expenditures while investing in emerging automated technologies.
What is confirmed
- American Express plans to cut about 3,500 jobs, representing 5 percent of its 78,000 global employees.
- The company lifted its 2026 profit forecast and reported rising third-quarter profits.
- Quarterly costs rose 9 percent to $14.5 billion.
- Customers continue to stick with the $895 Platinum Card.
Still unconfirmed
- The job cuts are specifically designed to prepare the company for artificial intelligence.
What to watch next
- Execution timeline and specific department impacts for the 3,500 planned job cuts
- Further updates on artificial intelligence integration following the workforce reduction
confidence 95%Sources used for this update (9)
- CNBC — American Express is cutting 5% of its workforce to 'prepare for AI'
- WSJ — American Express to Cut 3,500 Jobs
- Reuters — AmEx lifts 2026 profit forecast, plans to cut 5% of workforce
- Bloomberg.com — Amex to Slash 5% of Headcount as CEO Seeks to Reduce Expenses
- ABC News - Breaking News, Latest News and Videos — American Express profit jumps as customers stick with the $895 Platinum Card
- www.audacy.com — American Express profits rise; company plans to cut workforce by 5%, or about 3,500 employees - Audacy,Radio & Podcasts
- bmmagazine.co.uk — American Express to cut 3,500 jobs as quarterly costs rise 9 per cent
- bmmagazine.co.uk — Record 738,144 UK businesses in financial distress ahead of Budget
- www.livemint.com — American Express layoffs: 78,000 employees in firm; the move will affect about 3,500 jobs - here's what AmEx plans to do | Company....
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