UPS to Reduce Staff by 12,000 in $1 Billion Cost-Cutting Push
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Dow Jones
By Will Feuer
UPS plans to reduce its staff by about 12,000 in a broad push to cut costs by about $1 billion as the parcel carrier contends with a shipping slowdown.
"We've decided to take some bold moves to right-size our company for the future and to focus on the key enablers of growth," Chief Executive Carol Tomé told analysts on a conference call.
The package-delivery giant is also exploring strategic alternatives for its truckload-brokerage business known as Coyote, Tomé said. UPS bought Coyote Logistics for $1.8 billion in 2015.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
January 30, 2024 09:28 ET (14:28 GMT)
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