The Daily Nonpareil, Council Bluffs, IA 8/16/17:
Union Pacific lays off 500 managers, 250 other rail workers; most cuts are in Omaha
OMAHA — Union Pacific Corp. said Wednesday it would cut about 500 management and administrative jobs and about 250 non-management jobs by mid-September, most of them at the company’s Omaha headquarters, to reduce costs.
“Union Pacific for some time has leveraged employee attrition and technology to reduce general and administrative costs,” said Lance Fritz, chairman, president and CEO, in a press release. “Unfortunately, attrition alone will not keep pace with our need and ability to reduce these costs.”
The cuts will eliminate about 8 percent of the company’s nonunion employees and reduce annual costs by about $110 million. Putting the plan into effect will cost about $90 million, the company said, including $15 million for severance pay plus pension benefits and other expenses.
