Shares surged after the company said it would cut around 8,000 jobs in Germany this year as part of a broader plan to cut more than $1 billion in costs.

German postal company Deutsche Post announced on Thursday that it will cut 8,000 jobs by the end of the year, citing high costs, just two days after striking a deal with workers on a 5% pay rise. The cuts,

DHL unveiled plans on Thursday to cut about 8,000 jobs in Germany this year as part of a strategy to save more than 1 billion euros ($1.08 billion) by 2027, after the logistics group reported a 7% fall in annual operating profit.