British Oil Company (BP), announced today, that it intends to cut 10 thousand jobs worldwide.
The company explained that this measure will be restricted to the management sector only, indicating that the largest percentage of it will be at the leadership level.
A third of the chief executives are expected to be laid off, but the company, which employs 70,000 people worldwide, has not yet indicated where the jobs will be removed.
BP also intends not to increase the salaries of its senior employees this year, as well as the disbursement of bonuses is unlikely.
The company stated that the write-offs were part of a grand plan aimed at making the company "more integrated, simpler (in terms of career hierarchy) and smaller".
It is noteworthy that the decrease in demand due to the corona pandemic and the collapse of oil prices caused BP to record a sharp decline in its profits in the first quarter of this year.
Despite this, BP, unlike its competitor Shell, decided not to halt dividend payments to shareholders.