UPS is cutting 20,000 jobs and closing 73 buildings due to tariffs; cost-saving initiative

From Yahoo Finance: 2025-04-29 12:48:00

UPS plans to cut 20,000 jobs in 2025 due to tariffs and economic conditions. President Trump’s looming tariffs are impacting global trade, leading to UPS’s consolidation efforts. The company aims to save $3.5 billion this year by closing buildings and reducing costs, with a forecasted revenue of $89 billion.

UPS announced layoffs and building closures as part of a cost-saving initiative to strengthen the company. The consolidation efforts come after UPS experienced a decline in revenue, prompting the need for strategic alignment and resource management. CEO Carol Tomé emphasized the company’s focus on performance and future growth amidst economic uncertainties.

Read more: UPS cutting around 20,000 jobs due to ‘new or increased tariffs’; 73 buildings closing