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Union Pacific to cut 475 jobs in first wave of planned reductions

October 24, 2018 12:03 AM
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(Reuters) - Railroad operator Union Pacific Corp (UNP.N) said on Tuesday it would cut 475 jobs in the fourth quarter and signaled more workforce reductions to come as it seeks to boost profitability by the end of 2020.

Union Pacific, which connects 23 states in the western two-thirds of the United States, in April warned it was unlikely to achieve its profitability target in 2019 due to service problems and congestion on its rail network.

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