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UPS to Cut 12,000 Jobs and Mandate Return to Offices Five Days a Week
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UPS unveiled job cuts on Tuesday in an efficiency push after its revenue declined.
PHOTO: SPENCER PLATT/GETTY IMAGES
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Good morning, CFOs. United Parcel Service said it plans to shed about 12,000 jobs this year and mandated staff work from offices five days a week starting March 4, as the package-delivery giant seeks to boost productivity amid a protracted slowdown in business.
The cuts are primarily targeted at management staff as well as contract workers, UPS executives said Tuesday, adding that those jobs aren’t likely to return even when parcel volumes rebound. The company has around 85,000 workers in management.
UPS has about 495,000 employees worldwide, most of whom work in union roles in the U.S. and handle or transport packages. Union workers aren’t affected by the cuts announced Tuesday.
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Content from: DELOITTE
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How Tech Investments Are Evolving Across Industries
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With investments in technology increasing across most industries, leaders describe what’s driving the changes and how they allocate their budgets as a result. Keep Reading ›
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🗓️ Earnings
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Boeing
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Nasdaq
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Phillips 66
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Qualcomm
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Rockwell Automation
📈 Economic indicators
The Federal Open Market Committee announces its monetary policy decision.
ADP releases its National Employment Report for January.
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What Else Matters to CFOs Today
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Unfilled U.S. jobs, while still above prepandemic levels, have significantly fallen from their peak in early 2022. PHOTO: DAVID PAUL MORRIS/BLOOMBERG NEWS
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Workers called it quits less frequently in 2023, a sign confidence in the labor market is falling as the U.S. economy is expected to slow and Americans are taking longer to find new jobs.
Americans quit 6.1 million fewer jobs last year than in 2022—a decline of 12%, the Labor Department said Tuesday. In December alone, quits fell to the lowest monthly level in nearly three years, after adjusting for seasonal fluctuations.
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A coalition of business groups sued California to overturn a state law that would require thousands of companies to publicly report their greenhouse-gas emissions.
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Elon Musk wants to augment perfectly healthy people with brain chips so the human race can keep up with artificial intelligence.
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Elon Musk’s controversial multibillion-dollar pay package as chief executive of Tesla was struck down Tuesday by a judge.
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The poster child of China’s property crisis is no more. But the mess that triggered the downfall of China Evergrande is far from over. A Hong Kong court on Monday ordered Evergrande’s liquidation after creditors once again failed to reach a deal on restructuring its debts.
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Dell Technologies ended a deal with former subsidiary VMware to distribute its products.
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Navient has signed a binding letter of intent to transfer its student-loan servicing to Mohela following an in-depth review of its operations.
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H&M Hennes & Mauritz has replaced its chief executive as the fast-fashion giant seeks fresh impetus after a lengthy period of stagnation.
📰 Other headlines
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2%
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The percentage of CFOs who have complete confidence in their organization’s cash-flow visibility. For the second year in a row, 98% of CFOs surveyed by BlackLine said that they could be more confident about the visibility they currently have over the company’s cash flow. Some 72% felt they could be ‘much more’ confident, and 26% ‘somewhat more’ confident, the survey said.
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The RealReal, the San Francisco-based luxury resale marketplace, appointed Todd Suko to serve as interim chief financial officer, effective Feb. 1, while the board continues its search for a permanent CFO. Suko currently serves as the company's chief legal officer and secretary and will continue to serve in these capacities while serving as interim finance chief. The company also announced the departure of Chief Financial Officer Robert Julian, effective Jan. 31, 2024.
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HCA Healthcare, the Nashville, Tenn.-based healthcare-services company, named Mike Marks, currently senior vice president of finance, as executive vice president and CFO of the company, effective May 1. He will succeed Bill Rutherford, the company’s top finance executive, who is retiring after more than three decades with the company. Rutherford has been HCA's finance chief since the start of 2014. Marks joined HCA in 1996.
—Colin Kellaher contributed to this newsletter.
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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics ranging from corporate tax accounting, regulation, capital markets, management and strategy. Follow us on X @WSJCFO. The WSJ CFO Journal Team is reporters Kristin Broughton, Mark Maurer and Jennifer Williams-Alvarez, and Bureau Chief Walden Siew. You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.
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