UPS is cutting 12,000 jobs as CEO cites soft demand and high labor costs following historic contract deal (Business Insider)

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    UPS is cutting 12,000 jobs as CEO cites soft demand and high labor costs following historic contract deal – By Jordan Hart (Business Insider) / Jan 30, 2024

    • UPS announced that it will cut 12,000 jobs in 2024.
    • CEO Carol Tomé is seeking to offset high labor costs and low package demand.
    • UPS drivers in 2023 struck a deal for an eventual pay bump up to $170,000 in total compensation.

    The job cuts in 2024 are continuing.

    UPS is set to reduce its headcount by 12,000 jobs in 2024 following a historic pay agreement with its drivers.

    UPS CEO Carol Tomé cited soft demand and the recent labor contract as reasons for missing analysts’ expectations on a Tuesday earnings call. The subsequent moves are a part of the company’s “fit to serve” initiative, and Tomé said it will save UPS $1 billion in 2024.

    CONTINUE > https://www.businessinsider.com/ups-layoffs-ceo-soft-demand-high-labor-costs-2024-1

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