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.

The shipping giant said the moves were expected to save $3.5 billion and were made in anticipation of “lower volumes from our largest customer,” which is Amazon.