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1/19, 5:59 PM (Source: TeleTrader)
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Fedex-3.31%

250.03
Chart for: FedEx Corp

FedEx Express to cut up to 6,300 jobs in Europe

FedEx Corp.'s Express subsidiary said on Tuesday it will reduce its European workforce by up to 6,300 employees as a part of the integration process with TNT Express.

The delivery service giant said the cuts are meant to address the duplication resulting from operating two large networks sharing similar geographies. They are expected to yield annual savings of as much as $350 million starting in 2024.

"Moving towards a dual-hub model is a strategic advantage for us: improving the competitiveness of our Express business, providing us flexibility, and enhancing our growth opportunities," FedEx Express Europe CEO Dave Canavan said.

Breaking the News / MD