TNT to cut six percent of its workforce

Move to downsize its manpower capacity to be done by 2015.


TNT says it will restructure operations, taking €150 million ($195 million) in charges and cutting 4,000 jobs, or 6 percent of its work force, by the end of 2015.

The news comes after a proposed €5.2 billion takeover by UPS was blocked by European regulators in January because the combined company would be too dominant in European express mail.

TNT said that it will dispose of its Brazilian and Chinese operations.