Amex cuts 3,500 jobs (5% of staff) despite record $20.1B quarterly revenue
rohanpaul_ai · x · 2026-10-23
American Express is cutting about 3,500 jobs—5% of its 78,000 staff—in a quarter when revenue rose 9% to a record $20.1B.
- The layoffs target costs rather than weak demand: billed business grew 8% to $454B
- Net write-off rate improved to 1.8% from 1.9%, indicating healthy customer quality
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