Shell to cut 9,000 jobs as Covid-19 impacts overhaul

Bloomberg

Royal Dutch Shell Plc will cut as many as 9,000 jobs as crude’s crash forces billions of dollars in cost savings and the oil and gas giant overhauls its business to embrace clean energy.
The move reflects the challenge facing Big Oil as the virus pandemic persists, with some in the industry believing the era of demand growth is already over. As the crisis hastens the shift to low-carbon energy, oil majors are axing jobs, taking multibillion-dollar writedowns and slashing once-sacrosanct dividends.
At Shell, 7,000 to 9,000 job losses are expected by the end of 2022 — as much as 11% of the workforce. The total includes around 1,500 people taking voluntary redundancy this year, the company said. It predicts sustainable annual cost savings of $2 billion to $2.5 billion by that time.