American Express Reports Higher Third-Quarter Profits, Plans 5% Workforce Reduction
American Express reported a significant increase in third-quarter profits, driven by strong customer spending and successful adoption of its higher-fee Platinum Card. Concurrently, the company announced plans to reduce its workforce by 5%, affecting approximately 3,500 employees, stating the cuts…
Miami Fort Lauderdale, FL, October 23, 2026 —
American Express reported a significant increase in third-quarter profits, citing strong customer spending and the adoption of its higher-fee Platinum Card. At the same time, the company announced plans to reduce its workforce by 5%, affecting approximately 3,500 employees. It said the cuts are aimed at improving efficiency.
The announcement puts two developments at the center of the company’s latest update: increased profits and a planned reduction in staffing. The information provided does not include the amount of the profit increase, the company’s total revenue, or figures showing how much customers spent during the quarter.
American Express also did not provide details on how many customers adopted the Platinum Card, how adoption was measured, or how much the card contributed to profits. The summary identifies the card’s higher fee as a feature of the product but does not state the fee amount or provide further information about the card.
The planned workforce reduction is expected to affect approximately 3,500 employees, representing 5% of the workforce, according to the company’s announcement as summarized. The summary does not specify when the reductions will take place, which roles or locations may be affected, or whether the cuts will occur through layoffs, attrition, or another approach. It also does not provide an estimated cost for the reductions or quantify the expected efficiency gains.
The third-quarter year and the company’s full financial results were not provided. The available information therefore describes the reported profit trend and staffing plan but does not include the figures or additional details needed to assess their scale beyond the stated workforce percentage and approximate number of employees affected.
Story summarized from the original created by By KEN SWEET, Associated Press on www.local10.com, see more information here.
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