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The world’s second-largest oil company, Royal Dutch Shell of the United Kingdom, is laying off employees.
According to an anonymous source on the 13th (local time), Shell plans to cut at least 20% of its trading team employees while restructuring its business units to save costs.
The source revealed that Shell had informed hundreds of department employees about the significant layoff and would provide more specific details in April.
In response, a spokesperson for Shell said, “Shell is focused on reducing emissions and creating more value by concentrating on performance, discipline, and simplification across the business,” and added, “High-grade portfolio, new efficiencies, and overall organizational simplification are necessary for such reductions.”
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Shell’s trading team has recently been affected by layoffs following similar moves in business units such as low-carbon solutions, chemicals, and IT.
Shell’s CEO, Waal Sawan, who took office last January, promised to improve performance and increase investor returns aggressively.
Moreover, Shell pledged to reduce operating costs from $2 billion to $3 billion, and CFO Sinead Gorman said last month that over $1 billion in structural savings had already been made.
Shell employed 93,000 people in 2022, an increase of 10,000 from the previous year. It is planning to issue its next annual report, which includes updated figures, on Thursday.
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