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

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.Three-quarters of the layoffs will take place in the first half of the year. About 14% of the shipp ...