American Express Stock Falls as CEO Announces Plan to Cut 5% of Workforce
Photo: The Crypto Basic
American Express (NYSE: AXP) shares fell 3% to $315.38 in early trading Friday after the payments giant announced plans to cut about 5% of its global workforce, even as its third-quarter adjusted earnings surpassed Wall Street expectations. Chief Executive Officer Stephen Squeri disclosed the planned reductions during the company’s earnings conference call. American Express recorded a $336 million pretax restructuring charge in the quarter, with Squeri saying the changes are intended to simplify teams, improve efficiency, and create more capacity to invest in business priorities.
Source: The Crypto Basic
