CP Railway to cut 4,500 jobs, 1,700 by year-end

TORONTO Tue Dec 4, 2012 5:00pm EST

TORONTO Dec 4 (Reuters) - Canadian Pacific Railway, Canada's second biggest rail carrier, said on Tuesday that it would cut 4,500 employee and contractor jobs by 2016, and expects to cut 1,700 of those by year end.

Under a plan to cut costs and improve the railway's industry-laggard operating efficiency, new Chief Executive Hunter Harrison said the railway would also relocate its headquarters from downtown Calgary to its rail yard in the city, and consider the sale of surplus real estate.

The company will also review options for its Delaware and Hudson Railway Co line in the U.S. Northeast.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article