BP announces 5% workforce reduction amid cost-cutting drive

British energy giant BP has announced plans to reduce its global workforce by 5%, affecting around 4,700 employees and 3,000 contractors, as part of a cost-cutting initiative led by CEO Murray Auchincloss.
In addition to reducing its workforce, BP is shifting parts of its operations from the UK and the US to Hungary, India, and Malaysia as part of its cost-saving strategy.
"We have got more we need to do through this year, next year and beyond, but we are making strong progress as we position BP to grow as a simpler, more focused, higher-value company," Auchincloss said in the memo. In addition to BP, US-based tech giant Meta recently announced a reduction of its workforce by 5%, the largest workforce reduction at the company since it eliminated 21,000 jobs during 2022 and 2023.
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Industry analysts will be watching closely as the company navigates these changes to deliver value to stakeholders.