The UPS job cut is probably related to all the seasonal help the hire every year and then lay them off. They do it every year....this isn't a surprise!
Remember that new union contract for 170k per worker that was discussed here?
The result is 12k layoffs to pay for that.
Part of it. Also they expanded for a once in a lifetime and TEMPORARY event - Covid while delusional thinking was that those volumes will be forever volumes.
Now package volume has regressed to the mean amd they're hang chow. Plus they let the head of Coyote go like 6 or 9 months ago and NOW, suddenly they're surprised by the cyclical nature of brokerage operations after owning it 8 years. Looking to sell a company they bought for 1.5b that's worth, maybe 400m IF you can find a buyer.
