American Express cuts 5% of global staff while raising its profit outlook

American Express reported 9% third-quarter sales growth amid strong billings

American Express said Friday it would cut 5% of its global workforce, about 3,500 jobs, to cap rising costs. The credit-card company made the announcement on the same day it reported 9% third-quarter sales growth and said it was boosting its profit outlook for the year.

Chief Executive Stephen Squeri said the job reductions were part of a plan to streamline the organization and invest in business priorities. “We have got good momentum, but to accelerate innovation and win over the next few years, we needed to become a more agile and efficient organization,” Squeri said in a conference call with analysts.

American Express also said it was boosting its profit outlook for the year as its customers continued to spend more. Squeri said the improved outlook was based on the company’s performance so far this year. Squeri also said American Express was seeing strong billings as the company added new customers and retained its existing card members.

A market quote showed American Express (AXP) down 4.14%. Separately, American Express shares dropped as much as 3% in early trade.

American Express’s announcement came during a week in which Barclays said Thursday it would cut 5,000 jobs, or 5% of its workforce, to reduce costs. On Wednesday, eBay said it would lay off 9% of its employees, or roughly 1,000 workers. Those cuts followed February layoffs that affected 6.5% of eBay’s workforce. A market quote showed eBay (EBAY) down 0.82%.

Earlier Friday, Volvo said it would cut 2,500 jobs, or about 6% of its workforce. The Swedish carmaker, which is majority-owned by a Chinese company, had already cut 3,000 jobs earlier this year and said it aimed to save another $500 million. Volvo faced a difficult Chinese auto market and intensifying competition. Its shares fell 25% in Friday trade.

U.S.-based employers announced 43,281 job cuts in September, the latest data available, according to Challenger, Gray & Christmas. The September total was 20% below the prior-year period. According to the firm, U.S. employers had reported 573,195 job cuts through September, down 39% from the 946,426 cuts announced in the first nine months of 2025. That earlier period came when the new Trump administration significantly downsized federal jobs.

The week’s corporate announcements coincided with fewer U.S.-based job cuts overall than a year earlier. American Express, Barclays, eBay and Volvo each disclosed reductions, while Challenger’s September count came in 20% below the year-earlier figure.

“Employers are facing high energy costs, an uncertain war in Iran, a rate hike that could make hiring more expensive, plus the likelihood of surging healthcare costs,” said Andy Challenger, workplace expert and chief revenue officer for Challenger, Gray & Christmas.