Royal Dutch Shell PLC is to cut at least another 2,200 jobs in 2016 in a bid to keep the company competitive in an environment of low oil prices, the oil giant said on Wednesday. The additional cuts bring the total job reduction to 12,500 people for 2015-2016, up from the 10,300 already announced. “These are tough times for our industry and we have to take further difficult decisions to ensure Shell remains competitive through the current, prolonged downturn,” said Paul Goodfellow, Shell’s Vice President for the U.K. & Ireland. “In 2016, the number of job reductions in response to low prices and as a result of the BG integration is expected to total at least 5,000 globally,” he added. Of the 2,200 job cuts announced on Wednesday, 475 people in the upstream business in the U.K. and Ireland will be affected, Shell said.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News