FedEx to offer US staff buyouts in cost cut effort

NEW YORK (AP) -- FedEx will offer buyouts to U.S. employees in an effort to cut costs as the economy remains tepid.

The world's second largest package delivery company said Monday it will target employees in its Express and Services units. Express is its speedy shipping service which has been hit as people shift to slower methods to save money. Services is FedEx's behind-the-scenes logistics division.

The Memphis, Tenn., company said it hasn't decided how many employees it needs to cut.

In June, FedEx Corp. warned slow global economic growth would crimp its earnings through next year. It vowed to make significant cost cuts to counter any drop in package shipments. Its forecast for the first-quarter, which ends this month, fell well below Wall Street's expectations.

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