UPS on Tuesday announced it is planning to cut 20,000 jobs, part of a cost-cutting effort that's linked to fewer deliveries from Amazon, its biggest customer. The shipping company, which operates in over 200 countries, currently has around 490,000 employees.

UPS expects to save $3.5 billion in 2025 after cutting 20,000 jobs and closing 73 leased and owned buildings by the end of June, the company announced in its first-quarter earnings report.

(Bloomberg) — United Parcel Service Inc. expects to cut 20,000 jobs this year and close dozens of facilities as it dramatically reduces shipments for e-commerce giant Amazon.com Inc.