Exxon to slash up to 1,600 jobs in Europe
ExxonMobil is planning to shed up to 1,600 jobs in Europe by the end of next year as it looks to cut costs, the oil-and-gas giant said Monday.
Why it matters: It shows how the pandemic, which has battered prices and cut oil demand, is affecting the world's most powerful energy companies.
- "The impact of COVID-19 on the demand for ExxonMobil’s products has increased the urgency of the ongoing efficiency work," the company said.
Where it stands: "The job cuts amount to more than a 10th of the company’s European workforce. Exxon employed about 75,000 people worldwide at the end of last year," the Financial Times reports.