American Express to cut 5% of workforce in global restructuring push

American Express has announced plans to reduce its global workforce by 5% as part of a broader organisational restructuring. The initiative is designed to streamline operations and enhance the company's agility in an increasingly competitive financial services landscape.

Chief Executive Stephen Squeri outlined the strategic rationale during an earnings conference call with analysts, describing the restructuring as essential to transforming American Express into a "more agile and efficient organization." The layoffs represent the company's effort to align its cost structure with evolving business priorities and market conditions.

The exact number of employees affected by the reduction has not been publicly disclosed. American Express, one of the world's largest payment card issuers, operates across multiple regions including Asia-Pacific, where it maintains significant operations serving both corporate and consumer clients.

The restructuring marks a broader trend in the financial services sector, where companies are increasingly optimising their workforce to enhance profitability and operational responsiveness. The move comes as businesses worldwide adjust to changing consumer preferences and competitive dynamics in the payments and financial services industry.

American Express has not provided specific details regarding timing, affected departments, or severance arrangements for impacted employees.