Shell to cut up to 9,000 jobs; UK house prices jump – business live | Business

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.

“We have to be a simpler, more streamlined, more competitive organization,” Chief Executive Officer Ben van Beurden said. “We feel that, in many places, we have too many layers in the company: too many levels between me, as the CEO, and the operators and technicians at our locations.”

The move adds to the growing list of major announcements this year which has seen Big Oil slash dividends, take multibillion-dollar writedowns and ax jobs following oil’s coronavirus-induced plunge. BP said in June it planned to cut 10,000 jobs as it moved into cleaner energy, Chevron Corp. intends to trim 10% to 15% of its global workforce, while Exxon Mobil Corp is reviewing staffing country by country.

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