Corporate Layoff Wave & OpenAI Valuation Cut
American Express is cutting 5% of its workforce (3,500 jobs), joining a wave of ~10,500 layoffs across 4 major firms in 10 days; separately OpenAI trimmed its fundraising valuation target to $1.25 trillion after investor pushback.
What we know
An account on X broke the American Express news: 5% workforce reduction (~3,500 roles) as CEO Squeri aims to make the firm 'more agile and efficient.' another account on X aggregated the broader wave: 4 major companies including AXP and Barclays (5,000 jobs, 5% of staff) have cut ~10,500 combined in just 10 days. On the tech side, another account on X reported that OpenAI trimmed its valuation target to $1.25 trillion after getting a 'thud' from investors in its ongoing fundraising round — a notable step back from earlier $150B+ targets.
How the story developed
American Express is cutting 5% of its workforce (3,500 jobs), joining a wave of ~10,500 layoffs across 4 major firms in 10 days; separately OpenAI trimmed its fundraising valuation target to $1.25 trillion after investor pushback.
American Express delivered its best Q3 in company history — EPS beat, revenue near estimates, +31% net income YoY — and raised its full-year EPS guide, yet shares are slipping premarket.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.