Canadian Pacific Railway plans to cut close to 1,000 positions this year

CALGARY -- Canadian Pacific Railway, which posted record profits and revenue last year, says it plans to cut close to 1,000 positions this year as it adjusts to lower shipment volumes and tries to become more efficient.

CALGARY — Canadian Pacific Railway, which posted record profits and revenue last year, says it plans to cut close to 1,000 positions this year as it adjusts to lower shipment volumes and tries to become more efficient.

The Calgary-based company says most of the cuts to unionized and management positions will result from attrition and kick in by mid-year.

Since 2012, the railway has cut 6,000 to 7,000 positions.

“There is still more to accomplish,” CEO Hunter Harrison said during a conference call Thursday about the company’s fourth-quarter and year-end results.

The railway had $6.71 billion in revenue and $1.35 billion in net income in 2015, though that still fell below analyst expectations.

The company also said it had reduced its workforce by 12 per cent, eliminating nearly 1,800 jobs last year, as shipments dropped three per cent. The railway said the job losses take into account changes to labour agreements in the United States that alter scheduling rules, allowing for fewer railroad workers.

CP expects to build off its strong results, despite concerns about the economy that could affect some types of freight that it carries through its North American rail network, the company said.

“We’re going to be able to convert what the economy does provide us and poise ourselves for a strong bounce back when the economy comes back,” said president and chief operating officer Keith Creel.

Just Posted

Red Deer to get new plan to end homelessness as problem persists

Despite some successes there’s ‘a long way to go,’ says manager

Canada ranks 16th on World Economic Forum’s annual gender gap list

TORONTO — Canada has landed the 16th spot in the World Economic… Continue reading

Steel, aluminum tariffs impacting one-third of Canadian exporters: poll

OTTAWA — More than one-third of Canadian exporters say they have been… Continue reading

Canada has fifth biggest AI workforce, but still lacks diversity: study

TORONTO — Canada has the globe’s fifth largest artificial intelligence workforce, but… Continue reading

Air passenger rights: Six things about what the Liberals are offering in draft rules

OTTAWA — The Liberals will publish the draft text of their long-promised… Continue reading

Chabot scores overtime winner to lift Senators over Predators 4-3

OTTAWA — Thomas Chabot saw an opening and he took it. And… Continue reading

Canadian Marielle Thompson earns World Cup ski cross bronze in season opener

AROSA, Switzerland — Canada’s Marielle Thompson captured bronze at the opening World… Continue reading

Canada doesn’t make Oscars short list for best foreign language film

LOS ANGELES — Canada is no longer in the running for best… Continue reading

Warrant issued for arrest of ‘Schwimmer lookalike’ suspect

LONDON — A British judge has issued an arrest warrant for an… Continue reading

Moneywise: Canadian workers unhappy with pay, want pension plans

Many working Canadians are feeling underpaid and are so worried about their… Continue reading

Brazil police say faith healer has turned himself in

RIO DE JANEIRO — A celebrity faith healer accused of sexually abusing… Continue reading

B.C. hockey coach creates ‘gear library’ to remove cost barrier of sport

VANCOUVER — Nicola Froese says she has always loved playing sports, but… Continue reading

Canada’s Kim McRae finishes seventh at luge World Cup in Lake Placid, N.Y.

LAKE PLACID, N.Y. — Canada’s Kim McRae finished in seventh place at… Continue reading

Most Read