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Photo: Budrul Chukrut/SOPA Images/LightRocket via Getty Images

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.

Go deeper

The jobs report silver linings that are a mirage

Illustration: Lazaro Gamio/Axios

The labor market recovery came to a screeching halt in December, and the few data points that look promising for some of the most vulnerable working Americans are actually deeply troubling upon further inspection.

Driving the news: The recovery was interrupted as the coronavirus raged and the government was slow to move on fiscal support. 

Republicans pledge to set aside differences and work with Biden

President Biden speaks to Sen. Mitch McConnell after being sworn in at the West Front of the U.S. Capitol on Wednesday. Photo: Erin Schaff-Pool/Getty Images

Several Republicans praised President Biden's calls for unity during his inaugural address on Wednesday and pledged to work together for the benefit of the American people.

Why it matters: The Democrats only have a slim majority in the Senate and Biden will likely need to work with the GOP to pass his legislative agenda.

The Biden protection plan

Joe Biden announces his first run for the presidency in June 1987. Photo: Howard L. Sachs/CNP/Getty Images

The Joe Biden who became the 46th president on Wednesday isn't the same blabbermouth who failed in 1988 and 2008.

Why it matters: Biden now heeds guidance about staying on task with speeches and no longer worries a gaffe or two will cost him an election. His staff also limits the places where he speaks freely and off the cuff. This Biden protective bubble will only tighten in the months ahead, aides tell Axios.