BP to Cut 7,700 Jobs in Cost-Saving Drive

Jan 16, 2025, 11:12 AM

BP, the British oil major, has announced plans to reduce its global workforce by approximately 7,700 positions as part of a cost-saving initiative. This includes cutting 4,700 internal jobs, representing around 5% of its total workforce, and an additional 3,000 contractor roles. The company's CEO, Murray Auchincloss, acknowledged the uncertainty this brings to employees but emphasized the need for these measures to enhance efficiency and reduce costs. BP's shares traded 1.6% higher following the announcement, reflecting investor confidence in the company's cost-cutting strategy.