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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Top Stories Full Coverage Most Popular Photos Search Search: Deutsche Post to shed thousands of US jobs AFP - Monday, November 10 BERLIN (AFP) - - German logistics giant Deutsche Post will on Monday announce thousands of job losses in the United States in the wake of heavy losses, a German newspaper reported. In its edition to appear Monday the Frankfurter Allgemeine Zeitung (FAZ) says that group chief executive officer Frank Appel "cannot do other than announce massive job cuts" when he presents third quarter results that day." According to the FAZ, "40,000 jobs are under threat in the United States," of which "20,000 are directly linked to Deutsche Post and as many again to the US partners." The paper said that within the group there was talk of a "bloodbath". Deutsche Post had already revised downwards its objectives for 2008 and "assesses for this year alone at 1.3 billion dollars, or five million dollars a day, the loss recorded in the United States," the FAZ said. It said Appel "wants to pull out of all the commitments where he thinks the risks can no longer be calculated and costs no longer controlled." His predecessor Klaus Zumwinkel had invested heavily in the United States but, said the FAZ, "the transatlantic adventure has failed." The group has been hard hit by the economic slowdown in the US where it is represented by, among other activities, the express courier service DHL. Email Story IM Story Printable View Blog This Recommend this article Average (1 vote) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Deutsche Post delivery bikes are parked in Hamburg, April 2008. German logistics giant Deutsche Post will on Monday announce thousands of job losses in the United States in the wake of heavy losses. Most Popular – Top Stories Viewed Obama: First pooch may be mutt 'like me' Documents expose Prince William RAF training row: report Porsche hits record results on the back of VW shares Obama rules out new cabinet picks as jobless rate jumps US doctors tell Liu Xiang he needs surgery View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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