FedEx Corp, one of the world’s largest transportation and logistics companies, intends to cut from 5,500 to 6,300 jobs in Europe as part of the integration of TNT Express.
The layoffs will affect both operations and back office staff.
The layoffs are expected to cost between $300 million and $575 million, MarketWatch reports. Meanwhile, it will reduce the company’s costs by $275 million to $350 million a year.
FedEx’s market value has fallen 9.2 percent in the past three months, while the Dow Jones Industrial Average stock index rose 10 percent in that period.
The company’s stock price is up 0.6 percent in Tuesday trading.