UPS is slashing more jobs than anticipated

It says the move will help save $3.5 billion in 2025.

Transcript

00:00While announcing it had a better first quarter than expected, UPS revealed it will be making

00:04some big changes.

00:06The logistics company said it will cut 20,000 jobs in an effort to lower costs.

00:10It also plans to shut down 73 of its buildings by the end of June.

00:14UPS originally said it would cut 12,000 jobs, but economic uncertainty, as well as an expected

00:19decrease in Amazon shipments, has the company scrambling to save money.

00:23In January, UPS said it planned to slash millions of Amazon deliveries, with CEO Carol Tomei

00:27saying, Amazon is our largest customer, but it's not our most profitable customer.

00:32UPS says it expects to save about $3.5 billion in 2025 with the cost-cutting measures.

00:38UPS also expects to see a decrease in traffic from Chinese e-commerce platforms Timu and

00:42Xi'an.

00:43That forecast comes after the U.S. said it will begin collecting tariffs on goods that were,

00:47until now, duty-free up to $800.

00:50That'll do it for your daily briefing.

00:51From New York City, I'm Kelsey Barbario with The Street.

00:57UPS says it plans for $800.

00:59Thanks, everybody.

01:00Thanks.

01:00Thanks to the UPS and the UPS B-chines.

01:01This will be $800 of our probable

01:19UPS B-chines.