04.03.2009
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 FedEx Lays Off 1,000 Employees Amid Cost-Cutting Effort
FedEx Lays Off 1,000 Employees Amid Cost-Cutting Effort
4/3/09 Quote:
FedEx Corp. (FDX) said Friday that it has laid off 1,000 salaried employees as part of a $1 billion cost-reduction plan that it announced last month.
"These decisions were incredibly hard for the company but unavoidable given the global economic reality," FedEx spokesman Maury Lane said.
He declined to specify precisely where the job cuts were concentrated, saying they took place across the company's global workforce and business units. FedEx employs about 290,000 people worldwide.
The latest cuts come on top of about 900 layoffs at the company's FedEx Freight unit in February.
FedEx executives said in March, when they reported a steep drop in fiscal third-quarter profit, that they likely would cut additional jobs.
At the time, they said they planned to reduce expenses by about $1 billion during the coming fiscal year, mostly from the company's Express unit. In addition to job cuts, the company said it planned to reduce network capacity in its Express and Freight segments, cut back work hours and expand its compensation reductions to non-U.S. workers, where allowed.
http://online.wsj.com/article/BT-CO-...03-710672.html |  |
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