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0.00041143233309571 0.00131109770146472 0.000164572933238253 0.00115201053266777 0.00910636897251646 0.0110263865269626 0.0151407098579188 0.0147567063470294
Stock impact report

FedEx to cut senior jobs as part of larger staff reduction [Reuters]

United Parcel Service, Inc. (UPS) 
Last united parcel service, inc. earnings: 4/28 07:00 am Check Earnings Report
US:NYSE Investor Relations: investors.ups.com
Company Research Source: Reuters
Shares in FedEx rose 2.4% to $198.47 as investors applauded the move, which signals progress on the company's plan to slash expenses by $3.7 billion this year. FedEx did not say how many positions would be affected by the new layoffs. Its overall workforce reductions account for a little over 2% of FedEx's 547,000 full-time and part-time workers reported for the year ended May 2022. Most of the cuts came through attrition and other means, spokeswoman Rachael Simmons said. In mid-September, FedEx pulled its profit forecast and shares swooned more than 20% - the largest single-day drop in the company's 50-year history. The company's newly minted Chief Executive Raj Subramaniam blamed a global business downturn, but critics pointed to a flat-footed response to slowing demand and ongoing profit pressure from FedEx's expensive, separately run business units. Gary Bradshaw, a portfolio manager with Hodges Capital Management in Dallas, recently told Reuters that job cuts would be Show less Read more
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