Update: American Express Plans to Cut 5% of Global Workforce

MT newswire2026/10/23 15:26

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11:26 AM EDT, 10/23/2026 (MT Newswires) -- (Updates with details from the Q3 earnings call throughout and stock movement in the last paragraph.) American Express (AXP) Chief Executive Stephen Squeri said Friday the company is cutting about 5% of its global workforce in a bid to streamline operations, reduce decision-making layers, and improve efficiency, according to a FactSet transcript of the company's Q3 earnings call. The company recorded a $336 million restructuring charge in the quarter as it seeks to accelerate decision-making and increase investment in marketing and technology, Squeri said. American Express shares were down 3.5% in Friday trading. Price: 313.71, Change: -11.46, Percent Change: -3.52

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The Ministry of Economy and Finance of South Korea and the Bank of Korea (BOK) issued a joint statement refuting a local media report. The report had claimed that, in response to significant foreign capital outflows, Seoul was considering purchasing a large amount of U.S. government bonds. Both institutions emphasized that the composition and specific details regarding the management of South Korea's foreign exchange reserve assets are not disclosed to the public.

华尔街见闻•2026/11/05 22:36