FedEx Cutting Up To 6,300 Jobs In Europe

FEDEX SAYS IT'S CUTTING UP TO 6,300 JOBS IN EUROPE

(CNN) – FedEx plans to cut jobs in Europe.

The delivery company announced Tuesday, it would reduce its European workforce by about 6,000.

FedEx said the layoffs will affect operational teams and back-office functions.

It comes as FedEx completes the integration of dutch delivery firm TNT express.

FedEx acquired TNT in 2016, expanding its road delivery network in Europe.

The company expects the cost of the severance benefits to total more than half a billion dollars.

However, it expects annual cost savings of between $275 million and $350 million beginning in 2024.

In a statement, FedEx said the process, while difficult, will allow them “to operate as one company offering greater coverage, speed of delivery, extended operational capabilities and enhanced service levels.”

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