Deutsche Post to shed thousands of US jobs
German logistics giant Deutsche Post will on Monday announce thousands of job losses in the United States in the wake of heavy losses, a German newspaper reported.
In its edition to appear Monday the Frankfurter Allgemeine Zeitung (FAZ) says that group chief executive officer Frank Appel "cannot do other than announce massive job cuts" when he presents third quarter results that day."
According to the FAZ, "40,000 jobs are under threat in the United States," of which "20,000 are directly linked to Deutsche Post and as many again to the US partners."
The paper said that within the group there was talk of a "bloodbath".
Deutsche Post had already revised downwards its objectives for 2008 and "assesses for this year alone at 1.3 billion dollars, or five million dollars a day, the loss recorded in the United States," the FAZ said.
It said Appel "wants to pull out of all the commitments where he thinks the risks can no longer be calculated and costs no longer controlled.”