The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Mining / Quarrying Mining And Quarrying Extraction Of Crude Petroleum And Natural Gas 06 - Extraction of crude petroleum and natural gas
5,000 jobs Number of planned job losses
Announcement Date
5 February 2008
Employment effect (start)
Foreseen end date
Description
British Petroleum (BP), the multi-national producer of oil, has announced that it is to cut approximately 5,000 jobs at locations across the world. The announcement of the restructuring programme follows a decline in the group’s profits in the fourth quarter of 2007, and the job losses are intended to improve the competitiveness of the group. According to BP Chief Executive Tony Hayward, 30 per cent of the job losses will be in the UK, 30 per cent in the U.S., 20 per cent in Europe, and 10 per cent in the rest of the world. As of February 2008, it is unknown when the job losses will be implemented by and the precise locations that they will affect. BP employs 115,000 globally.
Sources
6 February 2008: The Financial Times
5 February 2008: BBC News
Citation
Eurofound (2008), BP, Internal restructuring in World, factsheet number 66272, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66272.
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