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What you need to know for 07/24/2017

CP Railway to cut 4,500 jobs nationwide

CP Railway to cut 4,500 jobs nationwide

Canadian Pacific Railway plans to contract its workforce by about 8 percent annually to reduce 4,500

Canadian Pacific Railway plans to contract its workforce by about 8 percent annually to reduce 4,500 jobs nationwide over the next three years.

Spokesman Ed Greenberg said the reductions are largely planned through attrition, while others will be cut from the railroad’s contractors. The Calgary, Alberta-based company employs about 19,500 people in North America, including 400 in New York.

Greenburg said the 2,000 positions expected to be cut annually will likely be spread across the railroad’s operations. At this point, he said there’s no way of knowing how many jobs will be impacted in the Capital Region.

Hunter Harrison, the railroad’s newly installed chief executive officer, told shareholders during a meeting in New York City on Tuesday that the company was already on track to reduce 1,700 jobs by years’ end. He said the cuts are part of several moves to make the railroad more competitive, including selling tracks.

“We have only just started this journey to being a more competitive railway,” Harrison said in a statement. “We will continue to drive our service offering while focusing on taking unproductive costs out of the business.”

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