UPS to cut additional 30,000 jobs in Amazon unwind, turnaround plan

Core Viewpoint - United Parcel Service (UPS) is planning to eliminate an additional 30,000 jobs this year as part of its strategy to wind down its partnership with Amazon and implement a multi-year turnaround plan [1][2][3] Group 1: Job Cuts and Operational Changes - UPS will reduce total operational hours by approximately 25 million due to the decline in business with Amazon [1] - The job cuts will be achieved through attrition, and a second voluntary separation program for full-time drivers is expected to be offered [2] - Last year, UPS eliminated 48,000 jobs, including 34,000 operational and 14,000 management positions, with previous estimates suggesting a total reduction of around 20,000 [2] Group 2: Financial Impact and Turnaround Efforts - UPS anticipates a total of $3 billion in savings related to the winding down of its operations with Amazon [3] - The company reported fourth-quarter earnings that exceeded Wall Street estimates, indicating progress in its turnaround efforts [3] - Following the earnings release, UPS shares increased by almost 2% in morning trading [3]