American Express falls after announcing job cuts tied to AI push
-3.67% to $313.22 from $325.17
What moved AXP
- American Express said on its third-quarter earnings call that it will cut about 5% of its global workforce, equivalent to roughly 3,500-3,850 jobs based on its approximately 77,000 employees at the end of 2025, and will take a $336 million restructuring charge this quarter.
- CFO Christophe Le Caillec told CNBC the goal is to make the company ‘leaner, more agile, and also to prepare for AI.’
- The cuts are being partly funded with proceeds from Amex’s sale of its stake in Global Business Travel Group.
- Third-quarter revenue rose 9% to $20.06 billion, slightly below the $20.12 billion analyst forecast.
Sources: CNBC · Invezz