Union Pacific to cut nearly 500 jobs by the end of the year
Published: Oct 23, 2018 2:51 p.m. ET
Lay offs are first of several rounds, part of railroads strategy overhaul
Bloomberg
By
PaulZiobro
Union Pacific Corp. plans to lay off about 500 employees before the end of the year, the first of several rounds of job cuts as the railroad implements a new operating plan to turn around its performance.
The company, one of two major freight railroads in the Western U.S., has been struggling this year with congestion and service issues that have depressed its profits.
The Omaha, Neb.-based company UNP, -2.00% also plans to eliminate 200 contract positions, according to an internal memo reviewed by The Wall Street Journal. The job cuts will occur across the railroad network. Union Pacific had about 6,300 nonunion employees as of June 30.
These steps are part of reducing our general and administrative support structure by roughly 30% by 2020, Chief Executive Lance Fritz wrote in the memo Tuesday. We will also need to drive efficiencies in other parts of the railroad.
The Krink said
1:54 AM, 10/24/18
Uncle Pete has 6,300 non-union employees as of June 30. How many does BNSF have I wonder?
Looks like it with this news;
Union Pacific to cut nearly 500 jobs by the end of the year
Published: Oct 23, 2018 2:51 p.m. ET
Lay offs are first of several rounds, part of railroads strategy overhaul
By
PaulZiobro
Union Pacific Corp. plans to lay off about 500 employees before the end of the year, the first of several rounds of job cuts as the railroad implements a new operating plan to turn around its performance.
The company, one of two major freight railroads in the Western U.S., has been struggling this year with congestion and service issues that have depressed its profits.
The Omaha, Neb.-based company UNP, -2.00% also plans to eliminate 200 contract positions, according to an internal memo reviewed by The Wall Street Journal. The job cuts will occur across the railroad network. Union Pacific had about 6,300 nonunion employees as of June 30.