BP is to cut nearly 8,000 jobs as the oil giant’s chief executive battles to cut costs by as much as $2bn (£1.6bn). The company will cut 4,700 jobs across its 90,000-strong global workforce and 3,000 contractor roles as part of the move.

Oil giant BP is to cut about 4,700 staff, more than 5% of its total workforce, in order to reduce costs. BP has also told staff that about 3,000 contractor positions will be cut. The energy giant has a global workforce of around 90,000, with about 14,000 in the UK.

BP Plc is cutting 4,700 positions internally and 3,000 contractor jobs, Chief Executive Officer Murray Auchincloss told staff on Thursday, as the London-based energy giant seeks to reduce costs.

BP will be axing 7,700 jobs from its workforce as part of major cost cutting plans.

BP will cut over 5 per cent of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss’ efforts to reduce costs and rebuild investor confidence in the energy giant.

BP will cut over 5% of its global workforce as part of a strategy to reduce costs and rebuild investor confidence. CEO Murray Auchincloss aims to simplify operations and boost returns following the resignation of his predecessor.

BP Plc is eliminating 4,700 positions internally, about 5% of its workforce, and more than 3,000 contractor jobs, Chief Executive Officer Murray Auchincloss told staff on Thursday, as the London-based energy giant seeks to reduce costs.

BP announced on Thursday (Jan 16) that it will cut around 4,700 staff, or over 5 per cent of its total workforce, as part of CEO Murray Auchincloss’ efforts to reduce costs. Read more at The Business Times.