UPS is cutting 12K jobs amid disappointing sales outlook, company says

Managers and contractor positions volition marque up astir of the layoffs

UPS announced Tuesday that it volition chopped 12,000 jobs arsenic portion of a bid to prevention $1 cardinal costs. Managers and contractor positions volition marque up astir of the layoffs.

The occupation cuts travel arsenic UPS issued a disappointing income outlook for this year, saying it expects planetary gross of betwixt $92 cardinal to $94.5 billion. That would beryllium up from the $91 cardinal successful gross it reported for 2023, but analysts surveyed by Refinitiv had been expecting gross of astatine slightest $95.6 billion.

UPS mislaid concern past twelvemonth arsenic customers acrophobic astir a imaginable onslaught by the Teamsters shifted shipments to rival carriers, specified arsenic FedEx. Although UPS said it expects to get astir of that concern back, it had won backmost lone astir 60% of that mislaid business.

UPS said it has astir 85,000 managers arsenic portion of its planetary workforce of astir 500,000 employees. It has much than 300,000 hourly US workers represented by the Teamsters union.

"It's a alteration successful the mode we work," said CFO Brian Newman. "So arsenic measurement returns to the system, we don't expect these jobs to travel back. It's changing the effectual mode that we operate."

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