BP to cut 4,700 jobs and 3,000 contractor roles to reduce costs
LONDON – BP is eliminating 4,700 positions, about 5 per cent of its workforce, and more than 3,000 contractor jobs, chief executive officer (CEO) Murray Auchincloss told staff on Jan 16, as the London-based energy giant seeks to reduce costs.
BP Slashes Workforce: A Strategic Move to Cut Costs and Regain Investor Confidence
BP is set to reduce over 5% of its global workforce, impacting 4,700 employees and 3,000 contractor roles. The cost-cutting initiative aims to save at least $2 billion by 2026 and restore investor confidence following the abrupt resignation of former CEO Bernard Looney.
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