In more news that confirms investorAi's belief that the global economy continues to weaken, we have news released today the 10th of September 2024 that Shell plc is planning to cut its workforce by a massive 20%.
Job cuts are expected to impact Shell’s oil and gas exploration workforce, with its exploration, development, and subsurface divisions set for restructuring. According to Reuters, the layoffs will affect Shell’s offices in Houston and The Hague, with a smaller impact anticipated across its UK offices.
Since Wael Sawan became CEO of Shell on January 1st 2023, Shell has focused on boosting shareholder value by streamlining operations and improving performance. A key element of this strategy is a planned reduction in costs by $2-3 billion by the end of 2025.
The company has already divested several assets, including refineries, and scaled back its involvement in the renewables sector. In 2022, Shell sold its Deer Park Refinery to Pemex and its Mobile, Alabam ...
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