BP to cut thousands of jobs

BP announced plans on Thursday to cut thousands of jobs as part of a major cost-cutting initiative.

“We informed employees today that the proposed changes announced so far are expected to affect around 4,700 jobs, with these jobs accounting for the bulk of the cuts expected this year,” the company said in a statement.

“We are also reducing our contractor workforce by 3,000,” the company added.

These measures, designed to reduce costs, are aimed at saving at least $2 billion by the end of 2026, Chief Executive Murray Auchincloss said last year.