USPS Seeks Outside Help For Restructuring

The Postal Service has hired New York-based investment bank Evercore Partners to evaluate its proposal to cut annual expenses by $20 billion within four years. Those cuts include changes to operations and employee pay and benefits. Evercore Partners is best known for advising General Motors through its financial restructuring. The decline of first-class mail and the poor economy led the Postal Service to lose more than $5 billion in fiscal 2011.