American Express cuts 5% of workforce as profit outlook raised on spending surge

American Express $AXP is eliminating approximately 3,500 jobs—5% of its workforce—while simultaneously raising its profit guidance, citing strong member spending momentum across its network. The card issuer reported third-quarter earnings that beat expectations, with network volumes growing 8% year-over-year and provisions for credit losses declining 23%.

The paradoxical move signals management confidence in core business fundamentals despite near-term cost pressures. Provisions for credit losses fell substantially, suggesting improved credit quality in the company's portfolio. #finance #economie #marche