U.P.(Union Pacific) sheds 3,150 workers, eyes more

[Pale Blue Dot]

Source: Omaha World-Herald

Union Pacific Corp. has furloughed about 3,150 train and yard employees, and more cuts could be made in the first three months of this year if business doesn't pick up, officials said Thursday.

A Union Pacific freight train travels in Omaha on Wednesday. On Thursday, Union Pacific reported a 35 percent increase in net income during its fourth quarter.
A few hundred more jobs could be cut from the railroad's work force of 47,000, including some at the railroad's Omaha headquarters, spokeswoman Donna Kush said.

"It all depends on volumes," she said.

The latest cuts leave about 18,060 train and yard employees still working, officials said.

Also Thursday, Union Pacific reported a 35 percent increase in net income during its fourth quarter, despite the national recession's having sunk business volumes by 12 percent in that period. Volumes were down 18 percent in the first 21 days of January.

Read more: http://www.omaha.com/index.php?u_page=1208&u_sid=10545024

[OhioChick]

1. How much is left to hemorrhage?

K&R

[murielm99]

2. My brother works for them.

He has an office job in one of their larger yards. He is about five years from retirement. He needs his benefits and he does not need his pension payments cut by any form of forced early retirement.

UP makes money. Their top CEOs have astronomical salaries. Lynne Cheney is on their board.

[Azlady]

3. What a shame rail lines are on e of the best options to reduce

oil hungry America.. Instead of trucking...

I hope your Brothers job is safe..

[neverforget]

5. I applied with them last year for a train service position only to find out,

not surprisingly, that UP's business was slowing down, thus no hiring sessions. I figured with rising oil costs that the railroads would be getting more business.....

[paulk]

4. the only reason they would cut train service

is if they weren't running as many trains.

[Jazzgirl]

6. None of the class I's are running as many trains.

Traffic has dropped off drastically in the last month. I work for a major railroad, UP's biggest competitor, and our last quarter results were stunning but people just aren't shipping like they used to.

On edit: It will be a long time before traffic really picks up. I too am about 5 years from retirement. If my money was right I would leave in March but too many health issues mean I need my insurance and the market crash beat my 401K to death.

[paulk]

7. not a good sign for the economy

I remember the last Bush recession ('92), I was furloughed for 16 months (UP maintenance of way).

[elleng]

8. Should get everyone's attention

if BN and UP loadings are down. SMART analysts recognize such as among the first economic indicators.

[Gore1FL]

10. So How's life on the Big Nothing Santa Flush?

:) :)

I still have some loyalties to UP!

[Gore1FL]

9. I got shed in 2004

But that was partly my choice, because I didn't want to move to Omaha.

I am guessing this means Dick Davidson will get a $30,000,000 raise.