Onyx Bugett | TalkLife News
October 23, 2026 · All U.S. local times in this article are Eastern unless otherwise stated.
American Express announced a reduction of about 5% of its global workforce Friday, October 23, alongside results showing higher quarterly revenue and profit. The combination puts two different realities in view: a growing payments business and uncertainty for employees affected by restructuring.
CEO Stephen Squeri described the reduction during the company’s earnings call, Reuters reported. The company’s financial materials disclose a $336 million pretax restructuring charge.
The October 23 earnings release, republished by MarketScreener, reports third-quarter revenue of approximately $20.1 billion, up 9% from a year earlier. Net income reached about $3.7 billion, compared with approximately $2.9 billion in the same quarter last year.
Higher profits do not describe every employee’s position
The results include the effect of a gain from selling the company’s stake in Global Business Travel Group, alongside restructuring costs. American Express also raised its full-year adjusted earnings forecast to $17.60–$17.90 per share. That range is management’s outlook, not a completed annual result.
AP’s updated reporting says the job reductions occurred during the past quarter and attributes management’s explanation to efficiency rather than a business downturn. That explanation is the company’s stated rationale.
The global percentage does not establish how many positions in New York, Florida or any individual office are affected. The materials reviewed for this article do not provide that local breakdown, and the accompanying archival office photograph should not be read as evidence of cuts at that location.
For employees, a corporate earnings announcement cannot replace individual information about job status, benefits or transition arrangements. For the wider public, Friday’s results show why company performance and household job security need to be examined separately: profit growth alone does not guarantee that staffing levels will remain unchanged.