UPS to cut 12,000 jobs five months after reaching union deal

Shares of UPS fell on Tuesday as the package delivery company gave a weaker-than-expected full-year revenue forecast (Richard Drew/AP)

UPS will cut 12,000 jobs and released a revenue outlook for this year that sent its shares down sharply.

The company also hinted that its Coyote truck load brokerage business may be put up for sale. UPS acquired the Chicago-based company for 1.8 billion dollars (£1.42 billion) in 2015.