UPS Is Cutting 12,000 Jobs

UPS Is Cutting , 12,000 Jobs.

During an earnings call on Jan.

30, UPS said it wants to cut costs by $1 billion, NBC News reports.

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During an earnings call on Jan.

30, UPS said it wants to cut costs by $1 billion, NBC News reports.

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Its Q4 2023 revenues, $24.92 billion, were below Wall Street's expectations of $25.43 billion.

2023 was a unique and difficult year, UPS CEO Carol Tomé, via statement.

Through it all we remained focused on controlling what we could control, stayed on strategy and strengthened our foundation for future growth, UPS CEO Carol Tomé, via statement.

In order to stay on the path of growth, the logistics giant will cut less than 3% of its workforce, about 12,000 jobs.

Union-represented positions will not be impacted.

75% of the layoffs are expected to take place in the first half of 2024, a spokesperson said.

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UPS shares were down over 8% on Jan.

30.

In July 2023, the Teamsters union negotiated pay raises for part-time employees and full-time drivers