CFO CORBETT REPORTS ON SECOND QUARTER FINANCIAL PERFORMANCE
Despite a year-to-date (YTD) reduction of 16 million workhours compared to last year, the Postal Service experienced operating costs $100 million above plan in quarter 2 (Jan. 1 to March 31) — ending the quarter with a YTD net loss of $2.6 billion.
Total mail volume in quarter 2 continued to decline, falling more than 500 million pieces compared to the same period last year, according to Chief Financial Officer and Executive Vice President Joe Corbett. Although Package Services and Standard Mail volumes increased modestly, the increase was not sufficient to offset the loss of revenue from reduced First-Class Mail volumes.
“Electronic diversion of First-Class Mail continues to be the primary cause of our revenue shortfall,” reports Corbett in his latest “Dollars and ¢hange” quarterly video review of USPS finances. And that decline in First-Class Mail volume is expected to continue.
To help the Postal Service become a leaner, faster, smarter organization, Corbett encourages employees to help control expenses by looking for ways to improve efficiencies. “It’s all about making smarter decisions based on reliable data to build solid processes,” he says. “When we do that, the savings will come naturally.”
Slim, you are a real sweetheart. Someone needs to Bi**h slap you!
Oh yeah, by the way have some respect for our vets.
Thank you for your service 1st Cav./229th……
In what section of the clerks new contract are traditional and non-tradional employees mentioned?
C’mon guys. After we take complete control, there will be plenty of 2 dollar a day jobs!
Zack for once I agree with ya!!
Don’t worry, you will have bigger problems to face than the P.O. and unemployment. The whole country is going down the crapper. You will be lucky to just be alive.
If we are losing this much money now, there’s only one solution…hire more VP’s for the Post Master General!
The FSS machine is destroying magazines by shredding the covers, folding/creasing the covers, etc.
The major magazine companies are flocking to Apple’s iPad to allow customers to download a brand new issue cheaper and instantly!
It’s just a matter of time USPS!
Management is stupid & it will end sooner than later!
5 day delivery, an infusion of 15 billion dollars to the USPS and the forgiving the debt owed to to the treasury of 15 billion would give the Post Office about half of what it is owed from the overpayment of 60 billion to CSRS. This would allow the Post Office to offer early retirement and cash incentives(25k) to carriers who qualify for an early out. This would allow for the 20% implementation of non-bargaining employees as negotiated in the APWU contract. Since non-career employees would make 50% less(including benefits) than career employees, this would be the best idea. Or 20% across the pay cut for all employees. Your choice, there is no other!!
I did not see all the BS coming, but I am sure happy I left back in 2000. I need to express my BIG THANKS to the manager who did not give me the job, but instead gave it to his friend.
Typos typos typos. Thanks iPhone!! Lol lol
Dennis Ross will be happy to hear this. Sorry could not resist. Lol. Ok
To be fair it APPEARS he might be trying to
Listen to us at least as far as his face book shows but I don’t trust him. He will have to earn it from me. At least he is letting people post what the want to day. That is a stepmom the right direction. He may be a nice man & have good intentions but he really seems out to get us was my feelings. Will have to see how he progresses. We are not asking for bailout. We don’t want more than we earn. We want what us ours. We know change is coming. He’ll we gave absorbed more change than just about any company. Just give us respect & the truth!!
I have a brilliant suggestion to rein in overhead and costs in general. Reduce the ratio of Management (supervisors) to Craft Employees to a realistic level. Supervisors that are excessed will then grab a mail satchel and hit the street and Run their individual route and see how much fun it is working through (their) breaks and lunches and attempting to get back before 5:00 p.m. when your delivery truck turns into a Pumpkin and you get a Letter of Warning for being (2 clicks) late! Jerks!
Glad I got out when I did !
Oh, how I LOVE my Beef Wellington !
Good luck, suckas !
slim….you must be one of the low IQ, uneducated, redundent , no college education,95 vice-presidents that is trying to hang on to your breaucratic job…..as you lose billions.
only one Vice-President of United States and only 6 Vice-Presidents(regional) at American Airlines Corporation……..you are the stupid useless brain dead slug that is causing the Post Office to be another HMS Titanic…..at least they had a band…..not 95 Vice-Presidents!
as far as dept heads go moron,the po has plant managers and district managers and postmasters to add to 15 layers of mismanagement……of the 100,000 odd mismanagers, 60% can be RIF’ed without losing a beat and save hundreds of millions of dollars-if you don’t have a job where you touch the mail…..you are not needed and should be thrown under the bus by PMG Don Ho!
oh pray tell who is stupido now useless mismgt slug!
1stCav/229th you are incompetent and stupid. The PRESIDENT of the US has 1 VP, but there’s the chief of staff, then the HEADS of each DEPARTMENT. DUH, he has a lot more than you think, they just aren’t called Vice Presidents. Stupido, get it correct PLEASE instead of spouting out the side of your mouth.
ps-example: the Federal Government Executive Branch (white house) has 1 (one) Vice President. (Joe Biden) the Post Ofice has 95 Vice-Presidents. rest my case!
but post office mismanagement will not release the death grip on their 15 layers of redundent support ,supervisory & executive staff. one po mismanager for every four (4) workers. ratio in private sector is one (1) manager for every twenty-five (25) workers.
with the billions of dollars lost each year, the good old boy network at the post office will not yeild and face reality…..we need a outside consulting company, hired by Congress, to examine the whole unholy po mismanagement cabal.
that my friends will end the red ink!
Give me my big cash incentive!