American Express profits rise; company plans to cut workforce by 5%, or about 3,500 employees

NEW YORK (AP) — American Express profits rose sharply in the third quarter as it transitioned the vast majority of its members to a new, higher-fee Platinum Card while its well-to-do customers continued to spend aggressively.The company also announced its first major job cuts in roughly a decade, telling investors it plans to cut its workforce by 5%, or about 3,500 employees.The New York company reported a profit of $3.71 billion, up 28% from a year ago, or $5.42 a share. Excluding a one-time gain from AmEx's sale of its stake in Global Business Travel Group, the company earned a quarterly per—share profit of $4.68. That figure beat Wall Street estimates.AmEx's revenue and profits rose as customers both charged more on their cards and paid more to hold an AmEx card.Last year, AmEx updated its Platinum Card, adding several new perks for cardmembers while raising the annual fee from $695 to $895. Reviews of the update were generally positive at the time.However, the biggest question for