Shell plans to cut up to 9,000 jobs in transition plan

Record ID: 1579344

  • Title: Shell plans to cut up to 9,000 jobs in transition plan
  • Date: 30th September 2020
  • Summary: LAS PALMAS DE GRAN CANARIA, SPAIN (SEPTEMBER 30, 2020) (REUTERS) VARIOUS OF SPANISH POLICE USING CRANE TO DISEMBARK PACKS OF DRUGS VARIOUS OF SPANISH POLICE PLACING PACKS OF DRUGS AT PORT SPANISH POLICE PUTTING DETAINEE MAN ONTO SAILING BOAT SPANISH POLICE MEMBER WEARING MASK, SAILING BOAT IN THE BACKGROUND SPANISH POLICE PUTTING DETAINEE MAN ONTO SAILING BOAT SPANISH POL
  • Embargoed: 14th October 2020 08:56
  • Keywords: Ben Van Beurden CEO of Shell Shell coronavirus dramatic drop fuel sales markets oil and gas production
  • Location: LONDON, ENGLAND, UNITED KINGDOM AND UNKNOWN LOCATION, AT SEA
  • City: LONDON, ENGLAND, UNITED KINGDOM AND UNKNOWN LOCATION, AT SEA
  • Country: Various
  • Topics: Company News Markets,Economic Events
  • Reuters ID: LVA001CXVSO7H
  • Aspect Ratio: 16:9
  • Story Text: Royal Dutch Shell announced on Wednesday (September 30) plans to cut up to 9,000 jobs, or over 10% of its workforce, as part of a major overhaul to shift the oil and gas giant to low-carbon energy.
    Shell, which had 83,000 employees at the end of 2019, said that the reorganization will lead to additional annual savings of around $2 billion to $2.5 billion by 2022 beyond cost cuts of $3 to $4 billion announced earlier this year.
    Shell's London-traded shares were down over 1% in early trade.
    Last month it launched a broad review of its business aimed at cutting costs as it prepares to restructure its operations as part of the shift to low-carbon energy.
    The Anglo-Dutch company said it expected to cut 7,000 to 9,000 jobs by the end of 2022, including some 1,500 people who have agreed to take voluntary redundancy this year.
    Reducing costs is vital for Shell's plans to move into the power sector and renewables where margins are relatively low.
    Competition is also likely to intensify with utilities and rival oil firms including BP and Total all battling for market share as economies around the world go green.
    (Production: Paul Warren, Gabriela Boccaccio)
  • Copyright Holder: FILE REUTERS (CAN SELL)
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