American Express Falls 3.7% on Workforce Cut Despite Earnings Beat

American Express shares fell 3.7% on Friday, the worst performance in the Dow, after the company announced it will cut about 5% of its workforce and take a $336 million restructuring charge in the third quarter. The job reductions are described as its first major cuts in roughly a decade.

The announcement overshadowed results that topped expectations: third-quarter earnings came in at $4.68 per share, up 13% from a year earlier.

Other financial stocks also declined, with JPMorgan and Citigroup each down about 1.5% and Capital One off 1.0%, as investors weighed higher yields and economic uncertainty.