American Express to cut 3,500 jobs, around 5% of total workforce

American Express is planning to reduce its global workforce by 5%, affecting nearly 3,500 employees, CEO ⁠Stephen said. Its CFO had earlier said that marketing expenses were expected to rise by 10% in the second half of 2026 compared with the same period last year. Notably, the company faces a $350-million fine over alleged deficiencies in its anti-money laundering systems.