%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment American Express (NYSE: AXP) is cutting about 5% of its global workforce, Chief Executive Steve Squeri told analysts on Friday, disclosing the reductions alongside third-quarter results that beat Wall Street estimates and a higher full-year earnings forecast. Reuters put the number of jobs at about 3,500. The Associated Press reported about 4,000, and the AP said the cuts came over the past three months. American Express had almost 77,000 employees at the end of 2025. It has not said which departments or locations are affected. The reductions are the company's first major cuts in about a decade. The company booked a $336 million pretax restructuring charge in the quarter tied to efficiency initiatives. It used part of the gain from selling its stake in Global Business Travel Group to fund the restructuring, according to Quartz's account of the call. Chief Financial Officer Christophe Le Caillec told CNBC the goal is to make the company "leaner, more agile, and also to prepare for AI." Processes need to be well structured before they can be automated, he explained, so American Express is reducing management layers and widening managers' spans of control. Squeri said the layoffs were about efficiency, not a reflection of any downturn in the business. The cuts landed in a strong quarter. Revenue rose 9% to $20.1 billion, and profit climbed 28% to $3.71 billion, or $5.42 a share. Excluding the Global Business Travel gain, earnings were $4.68 a share. A new, higher-fee Platinum Card helped, as nearly all of the cardholders moved to it chose to keep it, and net card fees rose by more than $400 million from a year earlier, the AP reported. Bloomberg noted that Squeri is also trying to keep a lid on rising costs, and that transaction volumes fell short of expectations. Expenses rose 9%, according to StockStory, which said American Express shares fell 3.5% in the afternoon session. American Express is not alone in trimming jobs to prepare for AI. Barclays confirmed Thursday that it plans to cut 5,000 positions, also about 5% of its staff, CNBC reported. Challenger, Gray & Christmas has counted AI as a stated reason in more than 120,000 announced U.S. job cuts through September. Shares of American Express (NYSE: AXP) are currently trading at $312.33.