Union Pacific to layoff 750 U.S. employees amid broader cost-cutting
Union Pacific Corp said on Wednesday it will cut roughly 500 management jobs and 250 railroad workers by mid-September as the No. 1 U.S. railroad continues broader cost-cutting. "Union Pacific for some time has leveraged employee attrition and technology to reduce general and administrative costs," Chief Executive Officer Lance Fritz said in a statement. The layoffs come as Union Pacific, like other major U.S. railroads, saw a resurgence in coal volumes this year but has been hit over the past two years by precipitous declines as utilities switched to burning cheaper natural gas and the strong U.S. dollar hurt coal exports.
