Canadian Pacific Railway plans to cut 1,000 positions

[Omaha Steve]

Source: AP

ORONTO (AP) — Canadian Pacific Railway Ltd. says it will cut 1,000 jobs and slash spending by US$279 million (CA$400 million) this year as it adjusts to lower shipment volumes and falling commodity prices.

The Calgary-based company said Thursday that most of the cuts to union and management positions will result from attrition and kick in by mid-year.

The railway has cut 6,000 to 7,000 positions since 2012. The company in the past year has cut 12 percent of its workforce and now employs 12,800 people in its Canadian and U.S. operations.

The railway had US$4.69 billion (CA$6.71 billion) in revenue and $US94 billion (CA$1.35 billion) in net income in 2015, which still fell below analyst expectations.

Read more: http://bigstory.ap.org/article/fc558cac50bc4eeb809cc515fca85aa4/canadian-pacific-railway-plans-cut-1000-positions

[Brickbat]

1. E. Hunter Harris continues to wreck every damn thing he touches.

Railroads are some of the last golden geese in business, and the slow-motion slaughter and cutting-open are ugly to see.

[Wellstone ruled]

3. Agree.

Yes and with the help of Bill Ackmann and his Hedge Fund. So surprised the Canadian Government would let a person or entity with zero management of a Union Workforce,to buy a major stake in one of their Industries. The Guy is a corporate raider and his statements tell his true end game of this enterprise. They have maintenance issues starring them in their face and cut personnel to just increase dividends.

[scscholar]

2. Why is this being allowed?

I just don't get why corporations are allowed to trash lives like this.