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FedEx cutting 900 freight jobs

February 10, 2009|Times Wire Reports

FedEx Corp., the second-largest U.S. package-delivery company, is eliminating 900 jobs in its freight unit because of declining demand and "aggressive" pricing by rivals.

The cuts, equal to 2.6% of FedEx Freight's 35,000 employees, are in addition to 540 jobs trimmed at the unit late last year and 650 at FedEx's Office unit, a spokeswoman said.

Paring the payroll deepens the retrenchment to cope with what FedEx calls the worst economic conditions in its 35-year history.

FedEx, which is based in Memphis, Tenn., is working to reduce costs by $1 billion with steps including freezing hiring and cutting salaried employees' pay.

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