UPS Axes 12,000 Jobs Amid Drop in Shipping Volume

United Parcel Service (UPS) plans to reduce its workforce by approximately 12,000 jobs.

What’s happening at UPS?

In its Q4 2023 earnings release, the package giant reported that it’s grappling with drops in shipping volume — both domestically and internationally.

CEO Carol Tomé told investors during the company’s earnings call that the layoffs will save UPS around US$1 billion in costs.

“2023 was a unique, and quite candidly, difficult and disappointing year,” Tomé said.

“We experienced declines in volume, revenue, and operating profits [at] all three of our business segments.”

According to news outlets, including CNN, the reduction will mostly affect managers and contractor positions.

The company reportedly employs a global workforce of nearly 500,000 people.

Impact on Canadian staff

It remains unclear if any Canadian employees will be let go by UPS.

According to the company’s website, it has approximately 13,000 workers in the country.

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