The United Parcel Service announced Tuesday that it would be laying off 12,000 workers only five months after it was celebrated for agreeing to a massive pay raise for drivers negotiated by a union.
“We are going to fit our organization to our strategy and align our resources against what’s wildly important,” said CEO Carol Tome on a conference call.
He went on to call 2023 a “difficult and disappointing year” for the company.
The company reported that revenue plummeted by 7.8% in the fourth quarter to $24.92 billion, just below Wall Street projections of $25.31 billion according to NPR.UPS stock plummeted by nearly 9% on Tuesday.Tome said the layoffs would save the company about $1 billion, and he added that employees would be ordered to work back at the office five days a week.Many on social media blamed the company’s problems on the union agreement it signed that would raise pay […]
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