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Report
UPS to lay off 20,000 workers
The Street
Follow
4/29/2025
It says the move will help save $3.5 billion in 2025.
Category
🥇
Sports
Transcript
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00:00
While announcing it had a better first quarter than expected, UPS revealed it will be making
00:04
some big changes.
00:06
The logistics company said it will cut 20,000 jobs in an effort to lower costs.
00:10
It also plans to shut down 73 of its buildings by the end of June.
00:14
UPS originally said it would cut 12,000 jobs, but economic uncertainty, as well as an expected
00:19
decrease in Amazon shipments, has the company scrambling to save money.
00:23
In January, UPS said it planned to slash millions of Amazon deliveries, with CEO Carol Tomei
00:27
saying, Amazon is our largest customer, but it's not our most profitable customer.
00:32
UPS says it expects to save about $3.5 billion in 2025, with the cost-cutting measures.
00:38
UPS also expects to see a decrease in traffic from Chinese e-commerce platforms Timu and
00:42
Xi'in.
00:43
That forecast comes after the U.S. said it will begin collecting tariffs on goods that were,
00:47
until now, duty-free up to $800.
00:50
That'll do it for your daily briefing.
00:51
From New York City, I'm Kelsey Barbario with The Street.
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