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

Trains no longer blow leading up to the controlled crossing at 49th Avenue in Innisfail. (Photo contributed by the Town of Innisfail)
Innisfail says goodbye to train whistles

Whistles eliminated at four crossings

FILE - Home prices increased by nearly 11 per cent so far this year in Red Deer. (File photo by Advocate staff)
Red Deer home sales strong in May

Average residential home price climbs to $346,821

Red Deer College has been upgrading roofing, mechanical control systems, and lighting with $13 million in capital maintenance funding from the province. (Photo by Advocate staff)
$13 million in maintenance work underway at Red Deer College

Projects improve teaching, learning, and working spaces

Canadian Prime Minister Justin Trudeau waits to take his seat at the EU-Canada Summit Monday June 14, 2021 in Brussels, Belgium. THE CANADIAN PRESS/Adrian Wyld
Trudeau to visit Pfizer on final day of international pandemic trip, begin quarantine

WTO looks at making it easier for developing countries to import expertise, equipment and ingredients for vaccines

Houses under construction in Toronto on Friday, June 26, 2015. THE CANADIAN PRESS/Graeme Roy
CMHC says annual pace of housing starts rose 3.2 per cent in May compared with April

Starts for apartments, condos and other multiple-unit housing projects rose

Canadian Prime Minister Justin Trudeau participates in a plenary session at the G7 Summit in Carbis Bay, England on Friday June 11, 2021. THE CANADIAN PRESS/Adrian Wyld
Canada donating 13M surplus COVID-19 vaccine doses to poor countries

Trudeau says the government will pay for 87 million shots to be distributed to poor countries

A man uses the Ethereum ATM, beside a Bitcoin ATM, in Hong Kong on May 11, 2018. The federal financial intelligence centre warns that violent extremists driven by racial hatred and other ideologies are increasingly turning to virtual currencies for fundraising. THE CANADIAN PRESS/AP, Kin Cheung
Violent extremists driven by ideology turning to virtual currencies: federal centre

OTTAWA — The federal financial intelligence centre warns that violent extremists driven… Continue reading

A coal mining operation in Sparwood, B.C., is shown on Wednesday, Nov. 30, 2016. A lengthy new report commissioned by landowners near proposed new Alberta coal mines concludes mines would create environmental liabilities that exceed their economic benefits. THE CANADIAN PRESS/Jeff McIntosh
Study warns Alberta has failed to consider damage to foothills from coal mining

A lengthy new report commissioned by landowners near proposed Alberta coal mines… Continue reading

Children's shoes and flowers are shown after being placed outside the Ontario legislature in Toronto on Monday, May 31, 2021. THE CANADIAN PRESS/Frank Gunn
Ontario commits $10 million to investigate burial sites at residential schools

Ontario is committing $10 million over three years to identify, investigate and… Continue reading

Opinion
Opinion: Governments should come together to collaborate paid sick leave in Canada

If we let our guard down, COVID-19 is highly transmissible and will… Continue reading

Finnish players celebrate with their fans after the Euro 2020 soccer championship group B match between Denmark and Finland at Parken stadium in Copenhagen, Denmark, Saturday, June 12, 2021. Finland won 1-0. (Friedemann Vogel/Pool via AP)
Finland plays Russia with Euro 2020 knockout stage in reach

Finns played in their first ever game at a major soccer tournament

Scotland’s Allan Dell (1) is tackled by Canada’s Matt Heaton (7) and Lucas Rumball (6) during first half action of men’s international rugby in Edmonton, Alta., on June 9, 2018. Heaton, of Rugby ATL, Ben LeSage and Lucas Rumball, both of the Toronto Arrows, will co-captain Canada next month for rugby test matches in Wales and England. THE CANADIAN PRESS/Jason Franson
Canada names 30-man roster for July rugby internationals against Wales, England

July test marks the first games for Canadian men since October 2019 at the Rugby World Cup

Most Read