BP will cut 10,000 jobs as coronavirus hits the UK oil major’s finances and accelerates a strategic shift to become a “leaner” company under its new chief executive.
The pandemic has dealt a large blow to oil demand and BP’s earnings, with widespread financial damage across the energy industry forcing companies to reduce spending, raise debt and make savings.
Bernard Looney, who took the helm at BP in February, said in a letter to staff on Monday that “we are spending much, much more than we make”.
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