Federal Express To Lay Off Up To 2,000 Employees Amid Workforce Reduction Plan In Europe

RTTNews | 147 days ago
Stocktwits
Federal Express To Lay Off Up To 2,000 Employees Amid Workforce Reduction Plan In Europe

(RTTNews) - Federal Express Corp., a subsidiary of FedEx Corp. (FDX) announced Wednesday a workforce reduction plan in Europe as part of its ongoing measures to reduce structural costs.

The execution of the plan is subject to a consultation process that is expected to occur over an 18-month period in accordance with local country processes and regulations. The plan will impact between 1,700 and 2,000 employees in Europe across back-office and commercial functions.

The company said it expects the pre-tax cost of the severance benefits and legal and professional fees to be provided under and related to the plan to range from $250 million to $375 million in cash expenditures to be incurred through fiscal 2026 and will be classified as business optimization expenses.

The company expects savings from the plan to be between $125 million and $175 million on an annualized basis beginning in fiscal 2027.

Tags: FDX
Stocktwits
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FedEx Announces New Data-driven E-commerce Platform Fdx

FedEx Announces New Data-driven E-commerce Platform Fdx

FedEx Corp. announced the launch of a new digital platform, called fdx, in fall 2024 with a view to offer end-to-end e-commerce solutions for businesses of all sizes. By offering the first-of-its-kind data-driven commerce platform, the logistics major, which faces extreme competition from Amazon, aims to connect the entire customer journey by making it easier for companies to manage their supply..
RTTNews | 296 days ago
Australian Market Notably Lower

Australian Market Notably Lower

The Australian stock market is trading notably lower on Thursday after opening in the green, reversing the gains in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling well below the 8,200 level, with weakness in gold miners and financial stocks.
RTTNews | 5h 8min ago
Higher Open Expected For Hong Kong Stock Market

Higher Open Expected For Hong Kong Stock Market

The Hong Kong stock market on Wednesday snapped the three-day winning streak in which it had surged almost 700 points or 3.4 percent. The Hang Seng Index now sits just above the 20,530-point plateau and it's got a positive lead again for Thursday's trade.
RTTNews | 5h 19min ago
Rebound Predicted For China Stock Market

Rebound Predicted For China Stock Market

The China stock market on Wednesday ended the two-day winning streak in which it had spiked more than 110 points or 3.3 percent. The Shanghai Composite now sits just beneath the 3,385-point plateau although it's expected to bounce higher again on Thursday.
RTTNews | 5h 34min ago
Australia Building Approvals Rise 4.4% In September

Australia Building Approvals Rise 4.4% In September

The total number of building approvals issued in September was up a seasonally adjusted 4.4 percent on month, the Australian Bureau of Statistics said on Friday - coming in at 14,842.
RTTNews | 5h 51min ago
Taiwan Bourse Has Solid Lead For Thursday's Trade

Taiwan Bourse Has Solid Lead For Thursday's Trade

The Taiwan stock market has moved higher in three straight sessions, gathering more than 435 points or 2 percent along the way. The Taiwan Stock Exchange now rests just above the 23,215-point plateau and it's expected open to the upside again on Thursday.
RTTNews | 6h 4min ago
Singapore Stock Market May See Additional Support

Singapore Stock Market May See Additional Support

The Singapore stock market has moved higher in three straight sessions, gathering almost 50 points or 1.3 percent along the way. The Straits Times Index now sits just above the 3,600-point plateau and it's tipped to open in the green again on Thursday.
RTTNews | 6h 34min ago
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