InvestorQ : Why does British Petroleum (BP) propose to layoff such a large number of employees?
Aashna Tripathi made post

Why does British Petroleum (BP) propose to layoff such a large number of employees?

Answer
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Tisha Malhotra answered.
3 months ago


BP plans to slash its global workforce by 10,000 jobs as the COVID-19 has had a major impact on the demand for oil and gas globally. This represents nearly 15% of their workforce. The cuts will fall in central office and senior functions even as front end operations will not be touched considering their mission critical role. With oil and gas prices sharply down, BP sees the need to reinvent and restructure and it begins with lay-offs.