Oil giant BP cuts thousands of jobs to slash costs
British energy giant BP says it will axe 4700 staff jobs, about 5% of its workforce, and is cutting thousands of contractor roles to reduce costs. The move is part of a “multi-year programme to simplify” the group and improve performance, BP said in a statement.
BP Slashes Workforce: A Strategic Move to Cut Costs and Regain Investor Confidence
BP is set to reduce over 5% of its global workforce, impacting 4,700 employees and 3,000 contractor roles. The cost-cutting initiative aims to save at least $2 billion by 2026 and restore investor confidence following the abrupt resignation of former CEO Bernard Looney.
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