Looks like UP's cuts are mild compared to others, plus a better outlook for workers being let go:
Union Pacific, which employs about 8,000 people in Nebraska at the Omaha office and in the field, isn’t alone among railroads searching for ways to lower expenses. CSX Railway announced 2,300 job cuts earlier this year, and Norfolk Southern said it would cut costs by $650 million by 2020.
Other industries have instances of profitable companies cutting jobs. Nike had a $2.1 billion profit this year through June, when it said it planned to eliminate 1,400 jobs. GM tallied $4.3 billion of profit through June, and $9.4 billion last year, but has eliminated 5,000 jobs since November. Kraft Heinz, a large stock holding of Warren Buffett-led Berkshire Hathaway, has a company goal of cutting 5,150 jobs in coming years; the company last year had a profit of $3.6 billion.
For those facing unemployment next month in Omaha, the job picture is promising, said Nebraska Labor Commissioner John Albin, with the economy “in a good position to absorb” the coming wave of to-be-departed U.P. employees.
“Everywhere we look there is a shortage, or employers tell us they’re having trouble finding qualified people,” Albin said. “These people with a long track record with U.P. are obviously good performers, so I think the Omaha market could absorb them pretty easily.”