Railroads to Downsize; Economy Blamed
Citing a “downward trend in the economy” that has “accelerated sharply in the past few weeks,” the chief executive officer of the Union Pacific Railroad (UNP) said the company will trim some 2,000 jobs from its 50,000-employee workforce in early 2001.
According to Bloomberg News, shares of Union Pacific Corp., the parent company, fell 5.6% after the announcement.
For the full story, see the Jan. 1 print edition of Transport Topics. Subscribe today.
The Norfolk Southern Corp. (NSC) also announced job cuts.
Dick Davidson, UP’s CEO, said the decision was made at the corporation’s board of directors meeting Dec. 27.
 |  |
