American Express Layoffs: CEO Steve Squeri Announces 5% Global Workforce Cut
American Express plans to cut 5% of its global workforce, affecting around 3,500 employees, as CEO Steve Squeri seeks to reduce costs and streamline management. The move comes amid rising expenses, with third-quarter costs increasing 9% to USD 14.5 billion. The company aims to improve efficiency while continuing investments in premium card benefits and digital services.
American Express Company has announced plans to reduce its global headcount by 5 percent as part of an organisational restructuring strategy led by Chief Executive Officer Steve Squeri. The workforce reduction is designed to control operational expenditures and improve structural efficiency across the financial services firm.
Operating with approximately 78,000 employees globally, the planned cutbacks will affect roughly 3,500 positions across various departments. As per a report by Moneycontrol, CEO Squeri stated during an analyst earnings call on Friday that the downsizing aims to streamline management layers and accelerate corporate decision-making processes. EA Layoffs: Electronic Arts Cuts 400 Jobs and Closes BioWare Studio.
Financial Pressures and Broader Industry Layoffs
The decision by American Express follows a wave of workforce reductions across the global financial sector. Major institutions, including Barclays and HSBC, have recently implemented significant staffing cuts to optimize operations and adapt to evolving digital infrastructure, with some financial entities directly incorporating artificial intelligence tools to automate administrative workflows.
For American Express, cost pressures have grown alongside efforts to retain premium card members through enhanced rewards and lifestyle perks. Recent strategic initiatives include updating the Platinum card benefits and partnering with platforms like Airbnb to allow luxury vacation rentals to qualify for annual cardholder lodging credits.
Quarterly Expenses and Revenue Growth Strategy
These customer retention investments have contributed to rising corporate expenditures. The New York-based financial firm reported that total third-quarter expenses climbed approximately 9 percent to reach USD 14.5 billion, remaining slightly below analyst consensus expectations of USD 14.8 billion . Layoffs Amid AI Adoption: Multinationals Cut Jobs as Corporate Investments Pivot Toward Artificial Intelligence.
Company leadership remains focused on maintaining disciplined financial management while scaling digital services. Executives anticipate that streamlining internal structures will support sustainable long-term growth and protect profit margins against ongoing macroeconomic uncertainties in the global payments industry.
(The above story first appeared on LatestLY on Oct 23, 2026 09:31 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
