Oil major BP to cut thousands of jobs in cost-cutting drive
- BP is laying off about 5% of its workforce, affecting 4,700 employees and 3,000 contractor positions, as stated by CEO Murray Auchincloss in an internal memo.
- BP aims to achieve $2 billion in cash cost savings by the end of 2026, according to Murray Auchincloss.
- The job cuts will involve outsourcing positions from the UK and the U.S. To Hungary, India, and Malaysia, as reported by Reuters.
- BP stock fell more than 13% in 2024, highlighting financial challenges for the company.
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Leaning Left16Leaning Right20Center33Last UpdatedBias Distribution48% Center
Bias Distribution
- 48% of the sources are Center
48% Center
L 23%
C 48%
R 29%
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