Chevron said it would slash up to a fifth of its global workforce by the end of 2026 as part to a cost-cutting drive designed to simplify the oil major’s business and boost growth.
Vice-chair Mark Nelson said the changes would involve optimising the $280bn group’s vast portfolio, utilising technology to enhance productivity, and changing how and where work is performed.
“We expect these actions to result in workforce reductions of 15 to 20 per cent, beginning in 2025 with most complete before the end of 2026,” Nelson said.
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