FedEx to cut up to 2,000 back-office jobs in Europe amid weak freight demand

FedEx (FDX.N) is planning to cut between 1,700 and 2,000 back-office jobs in Europe, in its latest push to cut costs as the parcel delivery giant combats a slump in freight demand.

The cuts will be spread over 18 months and would result in a pre-tax cost of $250 million to $375 million related to legal fees and severance benefits, FedEx said.

The downsizing will help save between $125 million and $175 million a year from fiscal 2027.

Faced with soft freight demand...