(Boursier.com) — FedEx intends to cut 1,700 to 2,000 back-office jobs in Europe, the parcel delivery group said. The cuts will be carried out over a period of 18 months. FedEx estimates a pre-tax cost ranging from $250 million to $375 million, and estimates that the job cuts will save $125 million to $175 million on an annualized basis starting in fiscal 2027. Recall that the group has launched a spending reduction campaign due to low freight demand and pressured margins. The Memphis group intends to reduce its ongoing costs by $4 billion by the end of fiscal 2025. In March, the group still published profits well above expectations, despite a 2% drop in revenue. at $21.7 billion. The group had also tightened its earnings estimates, expecting for the 2024 financial year a profit ranging from $17.25 to $18.25 per share.
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