Oil major Shell PLC SHEL is reportedly planning to eliminate at least 20% of jobs in its deals team as the company continues to restructure its business units in an effort to reduce costs.
Staff in the division, which has several hundred employees handling mergers and acquisitions for Shell, were told that there would be a significant cut headcount, with further details to be communicated in April, according to a report from Bloomberg.
The team is the latest to be affected by job cuts, following similar moves across business units such as low-carbon solutions, chemicals and IT.
“Shell aims to create more value with less emissions by focusing on performance, discipline and simplification across the business,” the report quoted a company spokesperson.
Also Read: Shell Ponders Slowing Carbon-Cut Targets Amid Energy Strategy Revamp: Report
“Achieving those reductions will require portfolio high grading, new efficiencies and a leaner overall organisation.”
The report noted that Shell Chief Executive Officer Wael Sawan, who took the job in January last year, has pledged to be ruthless in improving performance and boosting investor returns.
Price Action: SHEL shares are trading higher by 1.3% at $65.36 on the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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