Swiss logistics group Kuehne+Nagel to cut up to 1,500 jobs

Swiss logistics group Kühne+Nagel is launching a cost-cutting program, which will slash 1,000 to 1,500 full-time positions, following a slump in profits. +Get the most important news from Switzerland in your inbox Turnover fell by 7% to CHF6.04 billion. Gross profit adjusted for volatile freight tariffs fell by 4% to CHF2.11 billion. As a result, operating profit (EBIT) fell by a whopping 37% to CHF285 million and net profit by 39% to CHF206 million. The market environment was characterised by overcapacity and pressure on margins, according to a press release. Nevertheless, market shares were gained. Kuehne+Nagel is a pawn in trade policy controversies, both directly and indirectly. United States President Donald Trump's tariffs have a direct impact on trade volumes, while Trump's statements also have an indirect effect on the US currency, which is important for Kuehne+Nagel. Without currency effects, sales would only have declined by 3%. Analysts' expectations were exceeded in ...