US-based UPS to fire 12,000 employees; Here's the reason

American logistics UPS is laying off a massive 12,000 employees after it reported a significant downturn in shipping volumes both domestically and internationally. CEO Carol Tome described 2023 as a "unique and difficult year," with declines in volume, revenue, and operating profits across all business segments. The layoffs are expected to save UPS about $1 billion in costs.