American Express says approximately 5% of positions will be eliminated

On its third-quarter call, American Express said the $336 million restructuring charge taken in the quarter is expected to result in the elimination of approximately 5% of its positions globally.

Steve Squeri, Chairman and CEO, said the company needed to become more agile and efficient to accelerate innovation and win over the next few years. He also said the fine from the OCC civil money penalty does not impact full-year 2026 guidance.

Quotes from the call

“...we took a $336 million charge for restructuring in the quarter, which is expected to result in the elimination of approximately 5% of our positions globally.”

“Given our strong performance year to date, we are reaffirming our revenue growth guidance of 10% and raising our EPS guidance to between $18.30 and $18.60 on a reported basis, or between $17.60 and $17.90 on an adjusted basis.”