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Business Update: UPS jobs stay

February 03, 2009

United Parcel Service, the No. 2 package delivery service behind FedEx, did not announce massive layoffs despite a significant drop-off in demand due to the recession. PNC Financial to cut 5,800 positions by 2011. Citigroup detailed plans to spend $36.5 billion of government TARP funds for lending. Pending home sales rose for the first time since August. Conway Gittens reports from New York.