American Express reportedly plans to cut about 3,500 jobs, or 5% of its global workforce

American Express said Oct. 23 it would cut about 5% of its global workforce, or roughly 3,500 jobs, The Wall Street Journal reported. CNBC says CEO Stephen Squeri linked the restructuring to becoming more agile and efficient and reported a $336 million third-quarter charge. The Journal characterized the cuts as an effort to cap rising costs.