The fiscal year for UP is from January to December. Everything you have read today about layoffs is just the beginning. Between now and the end of December we are going to see cuts everywhere and with anybody. All of this will be in preparation for the start of the 2024 fiscal year. Make your financial preparations at home now, anything could happen at any time.
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@fnj OK there's a problem with your comment. The STB can actually do a few things. The STB provides critical oversight to the rail industry. The STB called the executives in for the past hearings. If the STB has no authority, then why did any executive show up for the hearing? Also if the FRA fines any railroad for a violation, the railroad can't just pay the fine and move on. The violation has to be corrected, or risk a bigger willful violation fine. It is in no way cheaper to pay the fine in some cases, then to hire an employee.
The STB can’t do anything for headcount’s they can recommend what the company does. Just like saying the FRA is on our side with the violations. Union Pacific is just paying the violations anyway. It’s cheaper the pay the violations then to hire a employee.
I guarantee the STB is watching very closely. If I remember correctly, the UP still has to report weekly or monthly progress reports to the STB regarding service and employment issues. The RR's humiliated themselves during the hearings they had. The head of the STB called out Fritz for the deep cuts made at the UP, and most likely sealed his fate during that hearing. If Vena thinks he's going to continue his PSR fire sale, then I've got some bad news for him. Vena's CEO tenure will be substantially shortened. He won't survive this! If you doubt that, then just watch how the stock price IS NOT going up very fast. He's been there ten days, the stock price went up around thirty dollars, and dropped back down and has stayed around the $220. Vena first showed up the first time and the stock price climbed fast. It's not doing it this time!
Its deja vu all over again.
STB step in? No.
With the amount of employees lost from last time that didn’t come back, how are they going to recover this time? Is this just another 2 year run to make the shareholders money and then get out? I mean seriously, why would this outcome be any different than last time? Will the STB step in this time?