FedEx to Cut Work Force

Tennessee-based FedEx will offer buyouts to U.S. employees in an effort to cut costs in a troubled economy. Company officials indicate that the majority of those offered buyout packages will be staff employees at FedEx Express and FedEx Services. The Memphis-based company says it hasn't decided how many employees it needs to cut.

Company officials say additional information about the cost-cutting plan will be released at its Investors and Lenders meeting in Memphis in October. The company provides shipping services around the world and currently has revenues estimated at $43 billion annually.  However, the company's forecast for the first quarter of this fiscal year has fallen well below Wall Street's expectations, according to the Associated Press.