UPS to Cut 12,000 Management Jobs Amid Falling Revenue

The company plans to save $1 billion, considers selling Coyote truck load brokerage business, and mandates return to office in 2024.

UPS announced plans to cut 12,000 management jobs, approximately 14% of its full- and part-time managers, in an effort to save $1 billion amid falling revenue.
The company is also considering selling off its Coyote truck load brokerage business.
CEO Carol Tomé announced that the company will require workers to return to the office five days a week in 2024.
UPS's consolidated revenue decreased by 9.3% last year, a decline blamed on the economic climate, lower demand for small packages, and higher costs associated with a new labor contract.
The company plans to increasingly rely on technology, potentially replacing some of the laid-off managers with machinery.