Shell to cut up to 9,000 jobs; UK house prices jump – business live
Rolling coverage of the latest economic and financial news
- Introduction: Shell to cut 10% of workforce
- Up to 9,000 jobs to go by 2022
- Cost-cutting plan will help push to net-zero
8.13am BST
The FT’s Anjli Raval says Shell is trying to streamline its business after the shock of Covid-19, writing:
Shell has in recent months reviewed its operations as it seeks not only to become more financially resilient, but better set up for a shift towards lower-carbon energy businesses.
Job reductions of between 7,000 and 9,000 are expected by the end of 2022, including 1,500 people that have chosen to take voluntary redundancy.
.@Shell is cutting up to 9,000 jobs by 2022 (out of 83,000) as part of an organisational restructuring to not only save $$$ but to prepare the company for a shift into cleaner businesses. CEO: “a large part of the cost saving for Shell will come from having fewer people” #OOTT
8.05am BST
Shell’s job cuts mean that tens of thousands of positions are being lost across the energy industry – due to Covid-19 and the push towards less polluting sources of power.
Bloomberg has the details:
Royal Dutch Shell Plc will cut as many as 9,000 jobs as Covid-19 precipitates a companywide restructuring into low-carbon energy.
Job reductions of 7,000 to 9,000 are expected by the end of 2022, including around 1,500 people taking voluntary redundancy this year, Shell said Wednesday in a statement. The company sees sustainable annual cost savings of $2 billion to $2.5 billion by that time.
LATEST: Shell announces job reductions of 7,000-9,000 by the end of 2022 as #Covid19 spurs a companywide restructuring into low-carbon energy.
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