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Dec 17, 2008

Canadian Pacific Cuts 600 Jobs

Canadian Pacific Railway Ltd. cut 600 union jobs, suspended bonuses and restricted air travel on corporate jets, the Globe and Mail said.

The Calgary-based railway is focused on “containing costs on all fronts, in tough ways,” the newspaper said, citing an internal company memo. The cost-cutting measures were announced to employees during a meeting in Calgary. The job cuts amount to 3.8 percent of its workforce of 16,000.

Source : Bloomberg
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