UPS announced plans to cut 20,000 jobs in 2023, part of a strategy to reduce costs and boost profitability amid ongoing economic uncertainty and President Trump's tariffs, which have adversely affected its customers. After cutting 12,000 jobs last year, the company currently employs around 490,000 people. As UPS seeks to improve its profit margins, it aims to reduce package deliveries for Amazon, its largest customer, by 50%. CEO Carol Tome highlighted the detrimental impact of tariffs on small and midsize businesses, which struggle to cope with increased costs.
UPS is set to eliminate 20,000 jobs this year as part of a strategy to cut costs and boost profitability due to macroeconomic challenges.
The company plans to cut package deliveries for Amazon, its largest client, by 50% by next year, aiming to improve profit margins.
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