FedEx cuts up to 6,300 jobs in Europe



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The delivery company said in a statement on Tuesday that it would reduce its European workforce from 5,500 to 6,300 as it completes the integration of TNT Express.

FedEx (FDX) said the cost of severance packages could total up to $ 575 million. It expects annual cost savings of between $ 275 million and $ 350 million starting in 2024.

“This process, although difficult, will allow us, with the completion of the network integration, to operate as a single company offering coverage, speed of delivery, extended operational capabilities and improved service levels,” said said Karen Reddington, president of FedEx Express Europe. in a report.

The job cuts will affect operational teams and back office functions, FedEx said. The plan is subject to a consultation process in accordance with local rules and regulations, he added.

FedEx acquired TNT in 2016, using the Dutch delivery company to significantly expand its road delivery network in Europe.

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