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

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