American Express cuts 3,500 jobs in bid to contain rising costs
As seen on the 24/7 Wall St. homepage on October 23, 2026.
A 3,500-person cut at a card issuer that has leaned on premium spending growth puts the 2027 expense line at the center of the story. Visa's recent reduction makes this the second major network-side payroll cut in short order.
BREAKING: American Express, $AXP, is laying off 5% of its employees, or 3,500 people, in an effort to contain rising costs. The company's CEO says the cuts are part of an effort to make the company "more agile and efficient."
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American Express is cutting roughly 3,500 jobs, about 5% of its global workforce, to contain rising costs.
Management is trimming the headcount that supports its premium cardholder growth engine, which puts expense pressure ahead of service capacity.
Coming shortly after a similar reduction at Visa, the move points to cost discipline spreading across the payment networks.
Whether these savings reach margins or get absorbed elsewhere will shape next year's earnings case.
Mentioned: AXP