Major Cuts at UPS: Company Announces Layoff of 12,000 Workers Nationwide
United Parcel Service Inc. (UPS) has declared its intent to cut 12,000 jobs in an effort to streamline operations and manage costs more effectively.
The news came during a quarterly earnings call on Tuesday, causing a sharp decline in the company’s stock prices, The Wall Street Journal reported.
UPS CEO Carol Tome expounded on the planned headcount reduction during the Tuesday call, stating that by reducing the company’s headcount, UPS will realize $1 billion in cost savings.
“2023 was a unique, and quite candidly, difficult and disappointing year. We experienced declines in volume, revenue and operating profits and all three of our business segments,” CEO Carol Tomé said.
“We are going to fit our organization to our strategy and align our resources against what’s wildly important,” she added.
