American Express raised its 2026 profit forecast above Wall Street expectations on Friday and announced plans to eliminate 5% of its global workforce, or about 3,500 jobs, as part of a restructuring. Its shares were last down 2.5% in morning trading after chief executive Stephen Squeri told analysts that the company had good momentum, but needed to become a more 'agile and efficient' organisation.

Record revenue, restructuring charge

In its third-quarter earnings release, filed with the SEC on Friday, Amex reported record quarterly revenue of $20.1 billion, up 9% from a year earlier, and raised its full-year earnings guidance. The company recorded a $336 million restructuring charge in the quarter. Chief financial officer Christophe Le Caillec told CNBC the restructuring is meant to make the company 'leaner, more agile, and also to prepare for AI', with fewer management layers and wider spans of control.

A wider pattern

Companies globally have stepped up job cuts in 2026, with several financial firms, including Barclays this week, citing efficiency gains driven by artificial intelligence and investments in the technology as reasons for the layoffs. Amex has had a strong year, driven by spending by its wealthy customers, but investors have been closely watching expense growth after it ramped up marketing spending and refreshed cards with new perks. The company had almost 77,000 employees at the end of 2025, and has not specified which countries, departments or offices will bear the reductions.