Shell to cut up to 9,000 jobs as Covid-19 accelerates green drive
(The Guardian, 30 Sep 2020) Anglo-Dutch oil firm expects to save up to $2.5bn a year through restructuring plan.
Royal Dutch Shell plans to cut up to 9,000 jobs in the wake of the coronavirus pandemic, up to 10% of its workforce, as part of a major corporate overhaul to keep pace with the global transition to clean energy.
The Anglo-Dutch oil company, which employed 83,000 workers at the end of last year, expects to save up to $2.5bn (£1.95bn) a year from the cost-cutting plan that includes shedding between 7,000 and 9,000 employees before the end of 2022.
The global staff cuts come as Europe’s largest oil company prepares to invest more in a low-carbon energy future while battling the market fallout of the coronavirus pandemic, which has slashed demand for oil.
“Make no mistake: this is an extremely tough process,” said Ben van Beurden, Shell’s chief executive. “It is very painful to know that you will end up saying goodbye to quite a few good people. But we are doing this because we have to, because it is the right thing to do for the future of the company.”