American Express Plans to Eliminate About 5% of Global Positions

American Express plans to eliminate about 5% of its global positions in a restructuring, Chairman and CEO Stephen J. Squeri said, linking the reductions to efforts to streamline operations and accelerate innovation.

Squeri disclosed the plan during the company’s third-quarter earnings call at 8:30 a.m. ET Friday, Oct. 23. He said he had asked senior leaders earlier this year to find ways to streamline teams and reduce organizational layers.

“We needed to become a more agile and efficient organization,” Squeri said.

American Express recorded a $336 million pretax restructuring charge, or $253 million after tax, for the quarter ended Sept. 30. Part of a $982 million pretax gain from selling its stake in Global Business Travel Group went toward the charge.

Revenue net of interest expense rose 9% year over year to $20.062 billion for the quarter, while net income increased 28% to $3.712 billion. American Express also raised its 2026 earnings outlook after reporting third-quarter results.

Squeri gave no exact job count or timeline for the reductions. The call did not identify affected roles or locations.