Reports: BP To Reduce Workforce - Quick Facts

(RTTNews) - As per media reports, BP Plc (BP.L, BP_UN.TO, BP) is planning to reduce approximately 15 percent of its global workforce by the end of 2020. The decision will impact nearly 10,000 jobs, mostly senior office positions.

BP expects to achieve around $2.5 billion of cash cost savings by the end of 2021, compared with 2019, with digitisation and increased integration across the group. The company earlier noted that some of these cost savings may have associated restructuring charges. In April, the company announced its reduced 2020 organic capital spending of $12 billion, which was down around 25% from its full-year guidance given in February.