BP plans to cut nearly 10,000 jobs and freeze pay increases for senior level managers as it seeks to strengthen its finances. “It was always part of the plan to make BP a leaner, faster-moving and lower carbon company.”
The British energy giant plans to cut almost 10,000 mostly office-based jobs as the coronavirus pandemic hits demand
The coronavirus pandemic has stalled factories and shut down business around the world, causing a historic drop in oil demand just as production was reaching new highs. WSJ explains the oil price bust that could reshape energy markets. Photo Illustration: Carlos Waters/WSJ BP PLC plans to cut nearly 10,000 jobs, or 14% of its workforce, and freeze pay increases for senior level managers as it seeks to strengthen its finances, the company said Monday.
The job cut announcement comes as new Chief Executive Bernard Looney responds to the coronavirus pandemic’s devastating effect on oil demand, and coincides with his attempts to reshape the British oil giant for a low-carbon future.
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