BP to Slash Thousands of Jobs in Cost-Cutting Initiative

BP will be laying off approximately 5% of its workforce, impacting 4,700 employees and 3,000 contractor positions, according to a statement by CEO Murray Auchincloss in an internal memo. The company's goal is to achieve $2 billion in cash cost savings by the end of 2026, as Auchincloss stated. The layoffs will include relocating positions from the UK and the U.S. to Hungary, India, and Malaysia, as reported by Reuters. BP's stock declined over 13% in 2024, underscoring financial difficulties for the company.