Union Pacific to cut jobs

|About: Union Pacific Corporation (UNP)|By:, SA News Editor

Union Pacific (UNP +1.7%) plans to reduce its workforce by about 250 people, according to Omaha's The World-Herald.

The company told workers about the cuts in a memo that also indicated about 450 employees were being furloughed in the  mechanical department.

Union Pacific says the cuts and furloughs were necessary to improve efficiency and productivity

UNP: "These initiatives also are allowing the company to better compete in our marketplace against other railroads and freight transportation modes... while more organizational and operating changes are still to come, the improvements to date are significant."

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