Update: American Express Plans to Cut 5% of Global Workforce

11:26 AM EDT, 10/23/2026 (MT Newswires) -- (Updates with details from the Q3 earnings call throughout and stock movement in the last paragraph.) American Express (AXP) Chief Executive Stephen Squeri said Friday the company is cutting about 5% of its global workforce in a bid to streamline operations, reduce decision-making layers, and improve efficiency, according to a FactSet transcript of the company's Q3 earnings call. The company recorded a $336 million restructuring charge in the quarter as it seeks to accelerate decision-making and increase investment in marketing and technology, Squeri said. American Express shares were down 3.5% in Friday trading. Price: 313.71, Change: -11.46, Percent Change: -3.52