BP crisis: Oil giant to cut 10,000 jobs from workforce – major coronavirus blow

BP crisis: Oil giant to cut 10,000 jobs from workforce – major coronavirus blow

The oil giant said the move will “significantly impact senior levels” of management in the business, with its top leadership roles to be slashed by a third. The company said the cuts were part of plans for the business to reduce its operating costs by £1.9bn through the digitalisation and integration of its businesses for new financial year, although they”will likely have to go even further”.

In an email to staff, BP chief executive Bernard Looney said: “We will now begin a process that will see close to 10,000 people leaving BP – most by the end of this year.

“The majority of people affected will be in office-based jobs.

“We are protecting the frontline of the company and, as always, prioritising safe and reliable operations.”

The company employs 70,000 people across the globe.

The job cuts are part of Mr Looney’s drive to make the 111-year-old oil company more nimble as it prepares for the shift to low-carbon energy.

He said: “It was always part of the plan to make BP a leaner, faster-moving and lower-carbon company.”

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Chevron Corp, the second-largest US oil producer, last month said that it will cut between 10 percent and 15 percent of its global workforce as part of an ongoing restructuring.

Royal Dutch Shell, meanwhile, has initiated a voluntary redundancy programme.

Published at Mon, 08 Jun 2020 12:04:00 +0000