UPS to cut additional 30,000 jobs this year

The U.S. logistics company United Parcel Service (UPS) announced on Tuesday that it plans to reduce about 30,000 more operational positions this year and will close 24 business facilities by the end of June.

The layoffs are part of the company's business restructuring and transformation plan initiated last April.

In April 2025, UPS announced it would lower costs and improve profitability through large-scale job reductions and the closure of operational sites.

Throughout 2025, the company eliminated 48,000 jobs and closed 93 business facilities.

UPS is redirecting its focus from low-margin parcel delivery for Amazon toward higher-margin freight operations. This strategic shift follows a preliminary agreement announced in January 2025, which is expected to reduce Amazon-related shipping volume by more than 50 percent by the second half of 2026.

Vice Premier Ding Xuexiang met with David Solomon, chairman and CEO of Goldman Sachs Group, in Beijing on Wednesday.

Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, said that China's economy continues to show long-term positive momentum, serving as a stable and reliable driving force for global development.

During the 15th Five-Year Plan period (2026-2030), China will firmly promote high-quality development, expand high-level opening up, and continuously unleash the potential of its vast market, he said, adding that these efforts will inject new momentum into global development and offer more opportunities to enterprises worldwide.

Ding said that foreign-invested companies are welcome to increase their investment and cooperation in China to better share the opportunities of China's development.

Solomon said Goldman Sachs is optimistic about China's development prospects and growth potential and will continue to deepen its presence in the Chinese market and play a positive role in promoting the stable development of U.S.-China relations.