UPS Cuts 12,000 Management Jobs to Save $1 Billion Amid Revenue Declines
- UPS laying off 12,000 of 85,000 managers due to AI and cost cutting
- Goal is to save $1 billion and ensure laid-off managers don't have to be rehired
- Restricting remote work, requiring 5 days a week in office
- Shares fell over 8% as revenue dropped nearly 8% last year
- CEO cites volume, revenue, and profit declines across all segments