UPS is looking to slash about 20,000 jobs and close more than 70 facilities as it drastically reduces the amount of Amazon shipments it handles.

(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.

UPS announced it's cutting 20,000 jobs and shuttering 73 of its facilities as it cuts costs as part of a reduction in Amazon shipments, while also facing economic uncertainty.