Economy / Markets
Amex beats, then cuts 5% of its staff
American Express will cut 5% of its global workforce, about 3,500 of 78,000 jobs, after third-quarter adjusted earnings of $4.68 a share beat the $4.49 analysts expected. The company raised full-year guidance to $18.30-$18.60 from $17.30-$17.90 and booked a $253m after-tax restructuring charge, funded partly by a $751m gain on its Global Business Travel stake. Chief executive Steve Squeri said Amex had momentum but needed to be more agile; the shares fell 3.7%.