The workforce reductions will save the company about $1 billion in costs, CEO Carol Tomé said on a company earnings call.
“2023 was a unique, and quite candidly, difficult and disappointing year. We experienced declines in volume, revenue and operating profits and all three of our business segments,” Tomé said.
Shares of the package giant dipped nearly 6% in premarket trading.
Bidenomics: Last week, in a campaign stop at a Pennsylvania coffee shop, President Biden seemed shocked at the $6.00 price of his smoothie.
Well he’s obviously lying so he can rake in profits at the expense of the workers…I just saw on the Colbert show tht the Biden economy is Goldilocks, doing wonderful!
Quick.
Someone tell Prez Biden
CNBC and the other media outlets seem to not want to mention the “new rates” for their unionised deliverymen, though they do mention “labor” … which is so close it hurts!
$170k seems like “good money” for as long as they’re able to collect it. After they are let go, results may vary.
They can then transfer their driving skills to a new occupation, like maybe DoorDash, or Uber, for example…
https://twitter.com/profstonge/status/1752334940274884758
$170k includes every dollar that it costs UPS, including current and future benefits and taxes.
I hear that coding is a good fallback job skill.
Coal mining would be more productive.
More evidence that the marginal consumer is tapped out ever since he blew his savings on a pandemic spending spree.
The Good News-We’re raising everyone’s pay!
The Bad News-We’re laying off 12,000 workers.
And the CEO will get his golden parachute.
Interesting! And this is after the Teamsters were so gloriously triumphant in their recent contract negotiations with UPS. Looks like the employees who keep their jobs will have to up their productivity a bit, and those who get walking papers will discover that the true minimum wage is Zero.
They and other delivery companies had the advantage of government forced home shopping. W T F did they think would happen when that ended?
They just renovated their union contracts. Every time the union get what they want, people get laid off.