CP Rail cuts 600 union jobs, newspaper reports
Published: December 17th 2008
Canadian Pacific Railway is cutting 600 union jobs, restricting air
travel and suspending bonuses in a bid to weather recession, the Globe
and Mail newspaper reported on Wednesday, citing an internal company
In the message to staff, Chief Executive Fred Green said the "coming months will not be easy ones." He said his goal is to get the "franchise back on track" by focusing on "containing costs on all fronts, in tough ways," the newspaper reported, noting Green held a town hall meeting with staff on Tuesday.
Calgary-based Canadian Pacific, which operates across Canada and in the northern United States, is cutting 600 jobs from its workforce of 16,000.
It is restricting air travel on corporate jets while also trimming business travel budgets by half, and it is also doing away with "flex days" for office staff, the newspaper said.
Canadian Pacific was not immediately available for comment. (Reporting by Jennifer Kwan; Editing by Steve Orlofsky)