U.S. jobs safe from Deutsche Post axe
The United States operations of Deutsche Post World Net, including DHL Worldwide Express and Danzas AEI, will not be affected by massive job cuts that may be implemented by the German global mail and logistics group.
Deutsche Post warned Wednesday that it may ax up to 10,000 jobs, or 3% of its workforce, to cope with the anticipated loss of revenue following the German government’s decision to lower postage rates.
Shares of the partly-privatized company tumbled after it said the move will cut 2003 earnings by 300 million euros ($297 million) and lead to total losses of around $1.5 billion by 2007.
