Amex to cut 3,500 jobs globally despite raising 2026 profit forecast

American Express is cutting about 5 percent of its global workforce, affecting around 3,500 employees, as chief executive officer Steve Squeri seeks to control rising expenses and streamline operations, even as the company raises its full-year earnings forecast after reporting better-than-expected third-quarter results.According to Bloomberg, Squeri told Bloomberg TV that the company has around 78,000 employees globally. Speaking during a call with analysts on Friday, he said the job cuts were aimed at making the company more agile and efficient by reducing management layers and speeding up decision-making.The move comes amid a broader wave of workforce reductions across the financial services sector, with companies seeking to improve efficiency and, in some cases, citing the growing use of artificial intelligence.Barclays said this week it would eliminate 5,000 jobs, while HSBC is planning reductions across its UK wealth-management business.