CSX lays off 5% of management staff, furloughs conductors

Group 1 - CSX has laid off 166 management employees, representing about 5% of its non-union workforce, as part of cost-cutting measures announced to employees [1] - Additional cost-cutting measures include cuts to management benefits, furloughs for 193 conductors, and placing 157 conductors in unassigned status [2] - CEO Steve Angel stated that the layoffs were part of efforts to streamline the organization due to challenging economic conditions, and affected employees will receive severance packages and transition services [3] Group 2 - CSX's fourth-quarter freight traffic increased by 1.3%, but more profitable merchandise traffic decreased by 2.1%, while lower-margin intermodal volume rose by 5.2% [4] - CFO Kevin Boone indicated that fourth-quarter earnings would be impacted by a $40 million loss due to lower coal shipments from a derailment and reduced auto shipments linked to an aluminum shortage [4] - CSX is scheduled to release its fourth-quarter earnings on January 22 [5]