India, Oct. 24 -- American Express is planning to cut around 5% of its global workforce as CEO Stephen Squeri looks to restructure the company. The proposed move comes even as the financial services giant reports higher quarterly profits. The announcement raises questions about how the credit card company plans to streamline its operations while maintaining business growth.

According to Reuters, Squeri announced the planned workforce reduction during a conference call with analysts on October 23, following the company's quarterly earnings results.

American Express also recorded a restructuring charge in the third quarter to account for the planned job cuts.

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