Quantcast
Home Business News BP to cut 10,000 jobs globally amid pandemic

BP to cut 10,000 jobs globally amid pandemic

by LLB Reporter

Oil giant BP are planning to cut 10,000 jobs globally from their 70,000 employees, after being hit hard due to the coronavirus pandemic.

BP said the move will “significantly impact senior levels” as they are to cut their top leadership by a third, to reduce operating costs by £1.9bn in the new financial year.

In an email to staff BP chief executive Bernard Looney said most jobs to be lost will not be “front-line operation roles,” but will be office based.

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.”

BP will also be freezing pay for employees who remain for the rest of the year, and one in three senior roles will be axed.

Annual pay rises will be reinstated to junior and mid-graded staff from October. The oil giant will reduce wage bills by more than $2.5bn by the end of next year.

Looney added, “To me, the broader economic picture and our own financial position just reaffirm the need to reinvent BP.

“While the external environment is driving us to move faster – and perhaps go deeper at this stage than we originally intended – the direction of travel remains the same.”

You may also like

Leave a Comment

Sign up to our daily news alerts