CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020

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CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by Olog-hai on Thu Mar 8 10:50:25 2018 Jacksonville Daily Record CSX targets 6,200 more job cuts Railroad wants reductions by 2020; executive says the company was “bloated.” By Max Basch, Contributing Writer Monday Mar. 5, 2018 06:00 AM EST After cutting 4,600 jobs last year (including consultant positions), CSX Corp. is targeting an additional 6,200 job cuts over the next three years, reducing total employment to 21,000 by the end of 2020. “We will achieve this principally through attrition,” Executive Vice President and Chief Administrative Officer Mark Wallace said Thursday at the company’s investor and analyst conference in New York. Wallace joined the Jacksonville-based railroad company in March 2017 when Hunter Harrison was brought in as chief executive officer. “We understand at CSX that every job has to add value. We were a bloated organization,” Wallace said. Harrison, of course, began implementing an overhaul of CSX’s operations that included the job cuts. “What Hunter had done in a short period of time in transforming the organization was simply amazing,” said James Foote, who took over as CEO when Harrison died in December. “We are committed to following through with what he has started,” Foote said. The conference served as an introduction for CSX’s top officers after it overhauled its executive suite last year. Foote said he had done just about every job there is in the industry before becoming CEO. “This is not my first rodeo. I’ve been in the railroad industry for 45 years,” he said. “The company showcased the new management team, which is a combination of highly experienced Canadian National veterans and mid-level talent that Hunter Harrison had hand-selected within the CSX ranks shortly before he passed,” Credit Suisse analyst Allison Landry said in her report on the conference. “We think that all of this helped to ease investor concerns about execution of the Precision Railroading strategy, as well as the depth of the bench at CSX,” she said. Analysts indicated there were no surprises in CSX’s financial forecasts. “CSX’s much-anticipated analyst meeting did not disappoint. Management supported its previously disclosed 2020 margin target with confidence, enthusiasm, and plenty of detail,” said Amit Mehrotra of Deutsche Bank in his report. “Key financial targets were largely set/communicated prior to the conference. What CSX needed to do at this conference was to provide a more detailed path to realize these targets and for management to gain investors’ confidence. We think they achieved both,” said Fadi Chamoun of BMO Capital Markets in his report. Morgan Stanley analyst Ravi Shanker, who maintains an “underweight” rating on CSX’s stock, was more skeptical than others about CSX’s outlook. “CSX’s analyst day was impressively heavy on detail but light on breaking news given the slow-drip of long-term targets coming into the event. However, we still believe the path to the new, lowered bar post-Hunter Harrison will be more challenging than the market thinks,” Shanker said in his report. But many analysts were pleased with what they heard Thursday. “All told, the event was positive. 2017 was clearly a year marked with many significant events, beginning with Hunter Harrison joining the organization as CEO,” Robert W. Baird analyst Benjamin Hartford said in his report. “Despite his tragic passing, the event made clear that the significant changes made over the last 12 months provide the foundation for a transformation in CSX’s network, its service and margin profile, and its long-term growth potential,” he said.
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by Bill from Maspeth* on Thu Mar 8 12:11:11 2018, in response to CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Olog-hai on Thu Mar 8 10:50:25 2018.* The 4,600th to go should be Mark Wallace.
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by italianstallion* on Thu Mar 8 15:30:20 2018, in response to CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Olog-hai on Thu Mar 8 10:50:25 2018.* Make America Great Again.
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by Joe V* on Thu Mar 8 17:17:18 2018, in response to CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Olog-hai on Thu Mar 8 10:50:25 2018.* Takes cut being put to "good use". Al lof CSX's is going to financial interests, like stock buy backs and dividends, not for capital expansion or improvement.
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by Joe V* on Thu Mar 8 17:24:11 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Joe V on Thu Mar 8 17:17:18 2018.* Tax cut
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by italianstallion* on Thu Mar 8 18:32:46 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Joe V on Thu Mar 8 17:17:18 2018.* Yep, same story with most companies' use of the tax cut.
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by https://salaamallah.com/ on Thu Mar 8 19:09:07 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by italianstallion on Thu Mar 8 15:30:20 2018. iawtp
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by Chicagomotorman on Thu Mar 8 19:16:49 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by https://salaamallah.com/ on Thu Mar 8 19:09:07 2018. Oh really? Welcome aboard.
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by https://salaamallah.com/ on Thu Mar 8 19:21:47 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Chicagomotorman on Thu Mar 8 19:16:49 2018. ok?
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by Steamdriven* on Thu Mar 8 21:35:13 2018, in response to CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Olog-hai on Thu Mar 8 10:50:25 2018.* I'm going to be the unpopular voice here, but it needs to be said: If CSX can get the same job done with fewer people, then they are doing the right thing by downsizing their workforce. We are at nearly full employment, and there are other jobs unfilled because there are not enough able bodied, non-druggie people available. Keeping 10 people on a task that actually needs 8 means that their time at work is actually being wasted. Imagine you're hiring a contractor to build a new house, and you have to pay extra for a couple buddies whose job is to look busy. You get exactly the same house as you would if they weren't there, and that'll be an extra $20K. The two who are let go probably won't like it, but RR jobs pay well and they can use it as vacation time if they've been managing their $$, then go find something else, possibly at another RR, or lateral to long-haul trucking which also pays pretty well. ---------- Most of my jobs had zero security and "go get another job" was nearly part of the description. Scks, but if people couldn't move I would not have been able to go get better jobs, because the whole economy would be bound up using 4x as much labor to make an unchangable total output. Heck, if we wanted to maximize the # of jobs, eliminate freight rail and put it all on trucks. Voila, 2 railroad jobs turn into 100 truck driving jobs plus more to fix the roads!
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by Olog-hai* on Thu Mar 8 22:02:53 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Steamdriven on Thu Mar 8 21:35:13 2018.* We are at nearly full employment No we aren't. And the overly-big Class Is need to be broken back up. We're almost back to a "private sector" version of the USRA.
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by Bill West* on Fri Mar 9 03:06:18 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Olog-hai on Thu Mar 8 22:02:53 2018.* No we aren't. If you are referring to the last ~5% who are still unemployed, it is a point of economics that a portion of the population are not adapted/inclined to ever work on a steady basis. So achieving 95% does represent full employment, full employment of all those who are meaningfully available to work. Bill
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by Olog-hai* on Fri Mar 9 07:51:06 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Bill West on Fri Mar 9 03:06:18 2018.* If you are referring to the last ~5% who are still unemployed They are still not counting the U6. So it's a lot higher than ±5 percent (rather than ≈5 percent).
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by Peter Rosa* on Fri Mar 9 08:51:01 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Steamdriven on Thu Mar 8 21:35:13 2018.* You make some good points, however one thing to note is that long-haul trucking may not be an ideal choice for a new career. Self-driving trucks are still only on an experimental basis but at some point soon they may become reality in daily use.
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by Olog-hai* on Fri Mar 9 09:09:53 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Peter Rosa on Fri Mar 9 08:51:01 2018.* I would hate to see how many "self-driving" trucks end up in the ditch and/or jack-knifed on the interstate. Last Friday's snow was bad enough. I do miss the Erie and Lackawanna now that they're almost completely gone, i.e. infrastructure-wise.
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by AlM* on Fri Mar 9 09:21:49 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Olog-hai on Fri Mar 9 09:09:53 2018.* They won't jackknife. But they might slow down to 10 mph or else come to a complete halt (hopefully on the shoulder but you never know). I can also imagine a self-driving truck crossing Manhattan on its way from a Hudson River Tunnel to Queens or Brooklyn becoming so flummoxed that it shuts down while blocking a major avenue.
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by Steamdriven* on Fri Mar 9 09:34:49 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Olog-hai on Fri Mar 9 09:09:53 2018.* "Get a horse!" Train wrecks were once a common occurrence. Even a subway trip to placid Prospect Park in then bucolic Brooklyn could end your days in deadly disaster; with splinters, screams and shattered limbs, then doom, despair and death. And also, an accretion of alliteration.
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by Steamdriven* on Fri Mar 9 09:44:23 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Peter Rosa on Fri Mar 9 08:51:01 2018.* It is quite amazing how much progress has been made on self-driving vehicles, dealing with the uncontrolled inputs on a public road, interpreting them, and writing algos to handle unpredictable events is a hard problem. That tech is going to take a long time to become common tho; while computing become cheap in the '80s (earlier for an operation of any size) common repetitive tasks were not automated by small biz for decades afterwards. Heck you can call customer service at many companies today and after one transfer to the correct csr, they have no clue who you are and need you to manually read off your account info or something to key into it. There will also be a ton of political obstacles, imagine how the corruptocracy in, say, Baltimore or the criminal element in Chicago is going to react to those things.
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by Steamdriven* on Fri Mar 9 09:49:29 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Steamdriven on Fri Mar 9 09:44:23 2018.* I meant to put 'those things' after 'autonomous cars'. I hit post before it was ready. Anyway .... SD trucks will probably start on long, Western routes between freight terminals. Local runs are a much harder problem and may not be worth automating. One application that would be purty kewl is automating a Road-Railer terminal; have the 'bots assemble/dis-assemble the train, hooking the trailers to local delivery tractors. This could a reduce congestion and wear on the roads if adopted widely enough, tho I'm not holding my breath.
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by AlM* on Fri Mar 9 09:57:25 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Steamdriven on Fri Mar 9 09:49:29 2018.* SD trucks will probably start on long, Western routes between freight terminals. It's already started in Arizona on routes from state line to state line.
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by Olog-hai* on Fri Mar 9 11:20:37 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Steamdriven on Fri Mar 9 09:34:49 2018.* Not when iron rails were replaced with steel and block signaling was perfected.
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by Olog-hai* on Fri Mar 9 11:22:36 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by AlM on Fri Mar 9 09:21:49 2018.* Of course they would jack-knife. There are just two axles for traction and they do not bear most of the weight of the trailer. I can also imagine a self-driving truck crossing Manhattan on its way from a Hudson River Tunnel to Queens or Brooklyn becoming so flummoxed that it shuts down while blocking a major avenue. I would expect that daily. And even worse, if the Mid-Manhattan Expressway had been built, it would still get confused.
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by AlM* on Fri Mar 9 11:44:24 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Olog-hai on Fri Mar 9 11:22:36 2018.* There are just two axles for traction and they do not bear most of the weight of the trailer. But braking is on all axles. Jackknifing can be prevented simply by going slower, which of course creates problems all its own. I think that having a self-driving truck operate in snow is an extremely difficult problem. How does the driver know where the boundaries of the road are?
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by Jackson Park B Train on Fri Mar 9 13:02:33 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Bill West on Fri Mar 9 03:06:18 2018. That is the theory. However, when the banker/hedge fund recession hit many workers simply took early Soc Sec and disappeared from the employment stats. Secondly, the segment you described as not "adapted/inclined" to be in the work force include a large cohort of those--mostly minority--who have minor possession rap sheets and are rejected on that basis alone, thus not showing up in the UI ## because they haven't had a job to be fired from. FWIW, the huge ## of prisoners in the US are also not counted yet many of them would be of prime working age if not doing time. It is not smart policy to foster a system which excludes large ## of citizens from participating in the productive sectors of the economy.
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by Steamdriven on Fri Mar 9 17:43:42 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Jackson Park B Train on Fri Mar 9 13:02:33 2018. While I agree with your that the drug war was/is a load of fail, I don't think that drug users are helpless cuddly victims. Everyone knows the law, and you can get by just fine without that snort, shot or whatever. They know what's legal and what isn't and not only made a choice to blow off the law but paid cash money for the privilege. Plus, it's pretty hard to get anything more than a nuisance ticket or continue-and-dismissed for a joint or 2 in your pocket in major metro areas. If you have enough for yourself an 25 friends, well duh you just made some cop's day, and it ain't his or xer fault. Plenty of places will hire you if you have an MJ bust, just not a Federally regulated RR. After Ricky Gates and the other hep cats had that little fender-bender, the argument that MJ is just totally harmless doesn't fly too well.
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by Jackson Park B Train on Fri Mar 9 23:41:16 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Steamdriven on Fri Mar 9 17:43:42 2018. In order of importance, NO SYMPATHY for Ricky Gates--nor any wish to see drug rules for critical functions relaxed (medical, fire, police, transport etc. That said Ricky was on more than a couple joints IIRC; conversely I clearly remember ann evening when I was a couple joints to the wing and pulled over asking someone else to take the wheel. That said, I also clearly remember an evening in college (505 years ago) when I went out to the station to meet the one passenger train which stopped in town--a regular behavior on my part as a study break. When I enquired about the third crew member who was not in sight I was told he was so drunk when they started the run in Chicago that they put him to bed in an empty roomette for the ride to the next division point where they would change out. The fact is that while 'Rule G'has been in every RR rule book for overa centuiry, it was often ignored sometimes with the connivance of supervision. Now, as to minor drug busts and jb ineligibility, one hotel/restaurant chain used to take hair samples as part of the employment process. In my view, what you consume onyour own time is none of theirbusiness unlass it degrades your work behavior. If it does, you should be admonished or disciplined for the poor performance.full stop The fact that you smoked several joints at a concert on a night off is no more relevant than your ordering drinks at a bar while hearing music. We have comp[eting agitation to abolish or enhance requirement of past criminal records in employment application procedures. One side says, did the time, released, start from zero, not negativexxx. The other says once a perp, likely forever a perp, get out. The straw man case is the pedophile applying to be a childcare worker--NO. OTOH, having been popped for just enough grass to do a short sentence should not bar you from being a stock clerk, sales associate, etc. As to "cuddly victims" in my view grass is like alcohol--you know how smart prohibition was, right? OTOH, addiction to stupid drugs is just that, stupid IMHO. And that despite my liking of Keith R, Jerry G, Janis, and many others. The good news is that Keith cleaned up unlike many who dind't and are dead. About what's legal and respecting "the law." Given legal repression of persons on account of race creed, national origin, respect for law is something the law must 'earn' not automatic.
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Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020
Posted by Steamdriven on Sat Mar 10 02:04:47 2018, in response to Re: CSX looking to cut 6,200 jobs, aiming for workforce of 21,000 by 2020, posted by Jackson Park B Train on Fri Mar 9 23:41:16 2018. OK, I shouldda left off the snark. I'm with you on what people do on their own time is their biz, otoh, if someone is an adult applying for a job with some degree of responsibility, making the decision that they can pick'n chose which laws to follow does say something about them. Personally I think weed should be legal, because the demand is not going away and people use it anyway. I personally don't use it and wouldn't start if it were legalized, and while it's not as harmful as Reefer Madness etc portray, it's far from harmless, especially before some age (16, 21?) when your brain has finished doing whatever organizing it gets up to. During that time it can cause lasting brain changes which are not for the better. So, limiting the topic to just MJ: Legalizing it will probably result in more permanently messed up stoners in the short run, while a large number of people will have a small amount now and then with no ill effects, especially if they take it in via some route other than smoke. Some will even benefit via infrequent mj helping them to de-stress, and a few will get relief from side effects of chemo, glaucoma, etc, although that could be done with extracts of the plant. Eventually, people will settle into whatever level of destructive behavior they were headed for anyways, and it'll be managed as well or as badly as we handle social ills in general. Where parents don't care many kids will be stoned, where they do they (mostly) won't. Your last sentence is a whole issue in itself, is way too late at night now to go into that.
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