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● LIVE Updated 56m ago · 12 sources tracked

AmEx lifts 2026 profit forecast, plans to cut 5% of workforce

American Express plans to reduce its global workforce by 5%, affecting approximately 3,500 employees, as part of a restructuring effort to improve organizational efficiency and prepare for artificial intelligence. The job cuts accompanied a financial update that included raising the company's 2026 profit forecast above Wall Street expectations. Despite the positive profit outlook and stronger earnings driven by customers maintaining high spending on products such as the 895 dollar Platinum Card and a 10% rise in travel and entertainment spending, company shares dropped following the announcement of the workforce reduction.

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⚡ Key Developments & Real-Time Context
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  • ✓ American Express is cutting 5% of its workforce, or about 3,500 employees.
  • ✓ The company raised its 2026 profit forecast above Wall Street expectations.
  • ✓ The restructuring initiative included a 336 million dollar charge aimed at improving organizational efficiency.
  • ✓ Travel and entertainment spending rose 10% in the third quarter from a year earlier.
🛡️ Source Corroboration: 12 independent reporting domains (100% confidence) ⏱ Read time: ~2 min

What changed

American Express announced a plan to eliminate 5% of its workforce while simultaneously raising its 2026 profit forecast above Wall Street expectations.

Live updates

  1. American Express Cuts 5% of Jobs and Boosts 2026 Forecast

    American Express plans to reduce its global workforce by 5%, affecting approximately 3,500 employees, as part of a restructuring effort to improve organizational efficiency and prepare for artificial intelligence. The job cuts accompanied a financial update that included raising the company's 2026 profit forecast above Wall Street expectations. Despite the positive profit outlook and stronger earnings driven by customers maintaining high spending on products such as the 895 dollar Platinum Card and a 10% rise in travel and entertainment spending, company shares dropped following the announcement of the workforce reduction.

    Why it matters

    The decision by American Express positions the financial giant among corporate peers trimming staff to realign operations toward emerging technology. The restructuring initiative incurred a 336 million dollar charge as the chief executive seeks to reduce expenses. Solid consumer spending habits, particularly among premium cardholders, have bolstered financial results even as the company moves to slash headcount.

    What is confirmed

    • American Express is cutting 5% of its workforce, or about 3,500 employees.
    • The company raised its 2026 profit forecast above Wall Street expectations.
    • The restructuring initiative included a 336 million dollar charge aimed at improving organizational efficiency.
    • Travel and entertainment spending rose 10% in the third quarter from a year earlier.
    • Company shares dropped after the workforce reduction and restructuring plans were announced.

    Still unconfirmed

    • The workforce cuts are specifically intended to prepare the company for artificial intelligence capabilities.

    What to watch next

    • Execution timeline and financial impact of the 336 million dollar restructuring charge
    • Further details on how artificial intelligence integration will affect internal operations following the headcount reduction
    Sources used for this update (13)
    1. help.naver.com — Futures Flat As Oil Rebounds After Trump's "Energy Ceasefire" Unravels, Memory Stocks Slide | ZeroHedge
    2. CNBC — American Express is cutting 5% of its workforce to 'prepare for AI'
    3. WSJ — American Express to Cut 3,500 Jobs
    4. Reuters — AmEx lifts 2026 profit forecast, plans to cut 5% of workforce
    5. Bloomberg.com — Amex to Slash 5% of Headcount as CEO Seeks to Reduce Expenses
    6. ABC News - Breaking News, Latest News and Videos — American Express profit jumps as customers stick with the $895 Platinum Card
    7. AP News — American Express profits rise; company plans to cut workforce by 5%, or about 3,500 employees
    8. WSJ — Amex Stock Drops After Company Joins List of Those Cutting Jobs
    9. finance.yahoo.com — American Express To Cut 5% Of Global Workforce; Raises 2026 ...
    10. theindianawaaz.com — Sensex, Nifty snap four-session losing streak as value buying lifts markets
    11. lufkindailynews.com — AmEx lifts 2026 profit forecast, plans to cut 5% of workforce
    12. www.zawya.com — AmEx lifts 2026 profit forecast, plans to cut 5% of workforce
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