Canadian Pacific to cut 4,500 jobs by 2016

North American rail operator Canadian Pacific (CP) has announced plans to cut 4,500 jobs by 2016.

CP Rail has outlined a number of cost-cutting measures as part of its new efficiency programme.

The company has already closed hump-switching yards in Toronto, Winnipeg, Calgary and Chicago, and intermodal terminals in Milwaukee, Toronto and Chicago.

Changes to services have resulted in 195 fewer locomotives and 3,200 fewer leased rail cars on the network.

A new executive leadership team has also been appointed to oversee the restructuring.

CP Rail president Hunter Harrison said: “Momentum is building at Canadian Pacific and the organisation is driving to a culture of intense focus on operations.

“We have initiated a rapid change agenda and have made tremendous progress in my first 160 days, and we are only getting started.

“The reduced number of assets and the decentralized decision making within the organisation will allow us to appropriately size to any changes in market conditions.

“We already see the service and related bottom line benefits of our early actions.”

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