BP will cut about 15% of its workforce in response to the coronavirus crisis and as part of Chief Executive Bernard Looney's plan to shift the oil and gas major to renewable energy, it said on Monday.
LONDON - BP will cut about 15% of its workforce in response to the coronavirus crisis and as part of Chief Executive Bernard Looney’s plan to shift the oil and gas major to renewable energy, it said on Monday.
“We will now begin a process that will see close to 10,000 people leaving BP – most by the end of this year,” Looney said in a statement.BP shares were up 3.3% by 1230 GMT, against a 2.2% gain for the broader European energy sector. Like all the world’s top energy companies, BP has cut its 2020 spending plans after the coronavirus pandemic brought an unprecedented drop in demand for oil. BP has flagged a 25% cut to $12 billion this year and said it would find $2.5 billion in cost savings by the end of 2021 through the digitalisation and integration of its businesses.BP is giving no pay rises to senior employees until March 2021 and said it is unlikely to pay any cash bonuses this year.
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