23.10.2026 21:50
American Express, which increased its revenue to $20.1 billion and its net profit to $3.7 billion in the third quarter, decided to reduce approximately 5% of its global workforce despite strong growth in its financial statements. The decision by the giant financial institution, which wants to lower costs and transition to a more efficient structure, has brought the wave of layoffs at companies reporting high profits back onto the agenda.
American Express, one of the world's leading financial companies, has decided to reduce its global workforce despite reporting billions of dollars in profit. The company announced that it will lay off approximately 5 percent of its employees in order to control rising costs, increase operational efficiency, and simplify its organizational structure.
REVENUE REACHED $20.1 BILLION, PROFIT $3.7 BILLION
According to the third-quarter 2026 financial results announced by American Express, the company's revenue increased by 9 percent compared with the same period last year, rising to $20.1 billion. The company had generated $18.4 billion in revenue in the same period of 2025.
The giant financial institution's net profit also rose by 28 percent year on year to $3.7 billion. American Express had reported a net profit of $2.9 billion in the third quarter of last year.
The company's earnings per share also rose from $4.14 in the same period last year to $5.42.
IT WILL SHRINK ITS WORKFORCE DESPITE PROFIT GROWTH
Despite reporting strong financial results, American Express is preparing to reduce its workforce globally. Under the plan, which will cover approximately 5 percent of the company's global workforce, thousands of employees are expected to lose their jobs.
American Express CEO Stephen Squeri commented on the restructuring decision during a teleconference held after the financial results.
“WE MUST BE A MORE AGILE AND EFFICIENT ORGANIZATION”
Noting that the company has gained good momentum, Squeri said they need a more agile and efficient organizational structure in order to succeed in the coming years and accelerate innovation.
Stating that the restructuring plan aims to simplify the company's organizational structure and speed up decision-making processes, Squeri announced that $336 million in expenses were recorded in the third quarter within this scope.
American Express's decision highlighted the company's goal of controlling costs and reorganizing its operational structure despite the increase in its revenue and profit.