American Express Stock Falls as CEO Announces Plan to Cut 5% of Workforce

American Express (NYSE: AXP) shares fell 3% to $315.38 in early trading Friday after the payments giant announced plans to cut about 5% of its global workforce, even as its third-quarter adjusted earnings surpassed Wall Street expectations. Chief Executive Officer Stephen Squeri disclosed the planned reductions during the company’s earnings conference call. American Express recorded a $336 million pretax restructuring charge in the quarter, with Squeri saying the changes are intended to simplify teams, improve efficiency, and create more capacity to invest in business priorities. The company employed approximately 76,800 people worldwide at the end of 2025, according to its annual filing .

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