Fedex to cut thousands from workforce

The cuts are part of a plan to boost profits by USD 1.7 billion by 2016,mainly through intensified cost reductions.

They also come in the wake of the company8217;s warnings that ts business is being hit by the global economic slowdown.

The company gave no specific number on the staff reductions,but emphasised they would be voluntary.

8220;Our overall strategy is closely tied to effective yield management,8221; Smith said in a statement ahead of the conference.

8220;The key is striking the right balance between volume growth and yield improvements. With slow economic growth,however,the cost reduction programs..are also essential to achieve our financial goals.8221;