BP to cut 4,700 jobs and 3,000 contractors
BP to cut 4,700 jobs and 3,000 contractors

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BP is set to cut thousands of jobs from its global workforce, amounting to 5% of its staff, to save billions in costs, reports The Guardian. The UK oil and gas giant told staff that it would cut 4,700 jobs and scrap another 3,000 contractor positions after its chief executive promised to reduce the company’s costs by at least USD 2 billion (£1.6 billion) by the end of 2026.
CEO Murray Auchincloss has come under pressure from shareholders to improve BP’s returns amid growing dissatisfaction over the strategy set by his predecessor, Bernard Looney before he was ousted from the top job for failing to disclose personal relationships with colleagues.
BP employs 87,800 people worldwide. As of 2022, it had 15,000 employees in the UK with its head office in London and other offices in the south-east of England and Aberdeen.