Asciano to cut 500 jobs

Group will axe 500 jobs as part of business improvement plan, eyes $90m cost reduction in FY15.

Asciano (AIO) will cut around 500 jobs by June 30 as it eyes a $90 million cost reduction in fiscal 2015 as part of an acceleration of its business improvements programs (BIP).

The rail freight operator told an investor briefing in Sydney that its original five-year BIP, announced in fiscal 2011, has been doubled to $300m in savings by fiscal 2016.

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