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.

United Parcel Service said it will cut 20,000 jobs and shut 73 facilities to lower costs and to brace for a potential pullback from its largest customer, Amazon.

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