UPS announced Tuesday that it will cut 12,000 jobs as part of a bid to save $1 billion costs. Managers and contractor positions will make up most of the layoffs.
UPS announced Tuesday that it will cut 12,000 jobs as part of a bid to save $1 billion costs.
UPS lost business last year as customers concerned about a possible strike by the Teamsters shifted shipments to rival carriers, such as FedEx.
UPS’ business surged to record levels in the first three years of the pandemic, as online shopping exploded.
The fact that revenue in 2023 fell more than 9% and won’t top that benchmark again in the near future is “candidly difficult and disappointing,” said CEO Carol Tome on a conference call with investors Tuesday.
It trimmed that headcount back to about 495,000 by the end of last year through attrition and reduced flying hours, rather than layoffs.
The company also is dealing with a 12.1% increase in union wage rates, driving its efforts to cut other costs.
The original article contains 401 words, the summary contains 139 words. Saved 65%. I’m a bot and I’m open source!
This is the best summary I could come up with:
UPS announced Tuesday that it will cut 12,000 jobs as part of a bid to save $1 billion costs.
UPS lost business last year as customers concerned about a possible strike by the Teamsters shifted shipments to rival carriers, such as FedEx.
UPS’ business surged to record levels in the first three years of the pandemic, as online shopping exploded.
The fact that revenue in 2023 fell more than 9% and won’t top that benchmark again in the near future is “candidly difficult and disappointing,” said CEO Carol Tome on a conference call with investors Tuesday.
It trimmed that headcount back to about 495,000 by the end of last year through attrition and reduced flying hours, rather than layoffs.
The company also is dealing with a 12.1% increase in union wage rates, driving its efforts to cut other costs.
The original article contains 401 words, the summary contains 139 words. Saved 65%. I’m a bot and I’m open source!