United Parcel Service Inc. plans to cut 12,000 jobs and explore the sale of its Coyote truck brokerage business in moves Chief Executive Officer Carol Tomé is taking to offset soft demand and higher union labor costs.
The jobs reduction will save $1 billion this year, Tomé said on a conference call with analysts on Tuesday. She also said the company planned to ask workers to return to office five days a week in 2024.
UPS is seeking alternative strategies for its truck brokerage business, which has seen sales plummet amid a freight recession marked by declining rates and over capacity.
