NEW YORK (AP) - FedEx will soon begin offering buyouts to U.S. employees in an effort to cut costs in the face of a weakening global economy.
The world's second largest package delivery company hinted at cutbacks earlier when it said slowing economic growth would crimp its earnings well into next year. It has already removed some aircraft from its fleet of more than 600 to account for a loss of demand.
While FedEx hasn't yet decided how many positions will be eliminated, it will likely focus on slow-growth areas like its Express and Services units.
Express is where FedEx got its start in 1971, and it's still the company's biggest segment by far. The speedy shipping division, which moves 3.5 million packages on an average day, has been hit hard as people shift to slower delivery methods to conserve cash.