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BP Cuts Jobs by the Thousands Despite 'No Layoffs' Pledge

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   |    Monday,June 08,2020

BP plc has announced plans to cut ~10,000 jobs and freeze pay for top executives as it moves to preserve its financials amid the COVID-19 pandemic.

This is in direct contrast with what CEO Bernard Looney stated back in April 2020, when he vowed that no layoffs would be implemented for at least three months:

Less than two months ago, Chief executive Bernard Looney said: “Job security is a big worry at this time, so we have taken the decision that for the next three months no BP employees will be laid off as a result of virus-related cost cutting. We simply do not want to add another burden during what is already an incredibly stressful time for individuals and families."

According to The Wall Street Journal, BP stated that the need for cuts has been "accelerated and amplified" in recent weeks.

The cuts proposed represent approximately 14% of its total workforce.

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