By Esther Fung
United Parcel Service said Tuesday that it plans to cut about 12,000 jobs this year, a move that the package-delivery giant said would result in $1 billion in savings.
Most of the cuts will be to full-time and part-time management positions and contract workers, and executives said they don’t expect these jobs to return when parcel volumes return.
UPS has around 85,000 workers in management. Chief Executive Carol Tomé said that the company is using artificial intelligence and other new technologies to boost its operations.
The job cuts were unveiled after the company said its revenue declined in the last quarter of 2023 as volumes in both its domestic and international businesses dropped.
Write to Esther Fung at esther.fung@wsj.com