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Oil Company Cuts Back
On Tuesday, British oil company BP announced that 5,000 jobs will be cut by the middle of next year. The company hopes to lighten management and increase company efficiency. Most of the job cuts will occur at major offices, such as at its London headquarters.
Already, BP plans to cut 9,500 jobs, an announcement made last November. Together, the two cuts will make up for 15% of its workforce. Chief executive Anthony B. Hayward, who replaced John Browne in 2007, hopes the cuts will help increase not only efficiency but performance as well.
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Already, BP plans to cut 9,500 jobs, an announcement made last November. Together, the two cuts will make up for 15% of its workforce. Chief executive Anthony B. Hayward, who replaced John Browne in 2007, hopes the cuts will help increase not only efficiency but performance as well.
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