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- American Express Plans to Cut 5% of Global Jobs. The Stock Is Falling on Earnings.
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American Express CEO Stephen Squeri said the company will eliminate 5% of its global workforce, announced on the same day it reported third-quarter results. The company is taking a $336 million restructuring charge in the quarter, which typically includes employee severance costs. Amex had almost 77,000 employees at the end of 2025. Squeri said the company needed to become more agile and efficient to accelerate innovation and gain greater capacity to invest in its business priorities.
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- American Express Falls 3% Despite Q3 Beat and Higher Profit Floor; Visa and Mastercard Slip
American Express shares fell 3% to $316.65 in morning trading despite adjusted EPS of $4.68, above the $4.51 consensus, and a raised low end of its full-year adjusted EPS forecast now at $17.60 to $17.90. GAAP EPS of $5.42 included a $982 million pre-tax gain from selling a stake in a corporate travel business. Card Member billed business rose 8% to $454 billion, and the net write-off rate improved to 1.8% from 1.9%. However, total revenue of $20.06 billion missed the $20.12 billion estimate, and a lower effective tax rate of 18.1% from 24.1%, driven by discrete one-time benefits, lifted net income. Visa fell 0.6% to $411.99 and Mastercard 0.5% to $630.05, while the Financial Select Sector SPDR ETF was down 0.8%.
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