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US-based logistics firm UPS slashes 34K operational, 14K management roles in cost-cut drive
In 2024, UPS employed about 490,000 people worldwide.
UPS has slashed its headcount by 48,000 this year in a cost-cutting drive aimed at bolstering profits and winning back investors.
The white-collar job market is facing one of its most strenuous periods since the Covid-19 pandemic. In the past two days, two US-based firms — Amazon.com, Inc. and United Parcel Service (UPS) — have announced mass layoffs.
According to media reports, UPS has slashed its headcount by 48,000 this year in a cost-cutting drive aimed at bolstering profits and winning back investors. The delivery giant said it cut about 34,000 operational jobs, including drivers, under a consolidation and cost-saving plan — and another 14,000 positions among its management ranks.
Further, UPS reported that it had saved $2.2 billion compared to last year as of 30 September.
During its April earnings call, the company had announced it would cut 20,000 jobs this year. At the time, Chief Financial Officer Brian Dykes stated the reductions were in line with the company’s plan to reduce deliveries for Amazon by more than half. In 2024, UPS employed about 490,000 people worldwide.
On Tuesday, Amazon announced 30,000 corporate job cuts across human resources, operations, and devices & services. The e-commerce company began cutting 14,000 jobs on Tuesday, marking the first phase of its layoff plan.
A report by the The New York Times earlier this month said that Amazon is preparing for its next major workplace transformation — one that could see millions of jobs replaced by robots. Citing an internal document, the Times stated that Amazon’s automation and robotics teams are working to avoid hiring about 160,000 additional workers that would otherwise be required by 2027, potentially saving around $0.30 per item picked, packed and delivered.
Indeed, CEO Andy Jassy has spoken about a restructuring plan focused on improving efficiency, reducing corporate layers, and adopting artificial intelligence to streamline operations.
HDFC Bank rules out layoffs as CEO says AI will create customer-facing and tech roles According to the latest data by Layoffs.fyi, as many as 112,732 tech employees have been laid off worldwide as of 29 October across 2,018 firms.
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