UPS plans to cut approximately 20,000 jobs and close over 70 facilities by June. This restructuring follows a decision to significantly reduce its shipping volume for Amazon, its largest but least profitable client. The move, announced alongside strong first-quarter financial results exceeding expectations, aims to enhance UPS's profitability and agility in a challenging economic climate. CEO Carol Tomé emphasized the timeliness of these cost-cutting measures to strengthen the company's long-term position.

Prepared by Christopher Adams and reviewed by editorial team.