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UPS Layoff: In a significant development, PayPal Holdings is considering a workforce reduction of about 2,500 jobs, constituting 9% of its global workforce, in the year 2024. The revelation came through an official announcement by CEO Alex Chriss on January 30.
Chriss stated, “Today, I am writing to share the difficult news that we will be reducing our global workforce by approximately 9 percent through both direct reductions and the elimination of open roles over the course of the year.” This strategic move aims to “right-size” the business, facilitating increased speed in serving customers and driving profitable growth. Chriss emphasized continued investments in areas believed to foster and accelerate growth.
Meanwhile, United Parcel Service Inc (UPS) has announced the layoff of 12,000 jobs. Facing challenges of soft demand and higher union labor costs, CEO Carol Tomé is exploring the sale of the Coyote truck brokerage business to counterbalance these issues.
In response to the announcement, UPS shares experienced a decline of up to 7.6% in the early stages of US trading. The company, which witnessed a 9.3% decrease in annual sales, anticipates a modest upswing of as little as 1.1% in 2024. The decline in fourth-quarter delivery volumes, attributed to soft demand in Europe and the United States, contributed to an overall drop of 7.5%.
Newly-appointed CEO Chriss informed the affected staff through a letter, specifying that the decision to “right-size” the company would involve both direct cuts and the elimination of open roles throughout the year. The affected staff members are expected to be notified by the end of the week.
PayPal’s shares ended the day down 0.13%, reflecting the market’s response to the strategic move. Chriss, who previously served as a senior executive at software company Intuit, aims to enhance PayPal’s performance, particularly in the wake of a nearly 14% stock decline and a missed sector-wide rebound in high-growth technology shares in the previous year. Investors are hopeful that Chriss’s strategies will revive PayPal’s stock and position the company for sustained growth.
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