Reported about 7 hours ago
BP is set to eliminate 4,700 internal positions and over 3,000 contractor roles as part of a major cost-reduction plan, according to CEO Murray Auchincloss. The company's focus on profitability has led to a pause in 30 projects and a digital transformation initiative, including the integration of AI. The job cuts follow a delay in the strategic update, aiming to reposition BP amidst its declining market performance compared to competitors. Investors are anticipating a shift back towards oil and gas, although challenges in executing this strategy remain.
Source: YAHOO