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

UPS on Tuesday announced it is planning to cut 20,000 jobs this year, part of a cost-cutting effort that's linked to the delivery giant's decision to deliver fewer packages from Amazon, its biggest customer.

UPS said Tuesday that it expects to cut 20,000 jobs this year and close 73 buildings in the next two months, as the company reduces its business with Amazon and faces wider economic uncertainty. The shipping giant said in its first quarter earnings news release that the moves were expected to save $3.