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BP lays off 5,000 employees following former CEO Bernard Looney scandal


BP announced on Thursday that it will be cutting over 5% of its global workforce in an effort to reduce costs and regain investor confidence after being embroiled in scandal. CEO Murray Auchincloss aims to save at least $2 billion by 2026 to improve returns and address concerns about the company’s energy transition strategy.

Following the scandalous exit of former CEO Bernard Looney, Auchincloss is taking steps to simplify and refocus BP. Looney resigned in September 2023 due to dishonesty about past personal relationships with colleagues, violating company policy. Auchincloss, who succeeded Looney, informed staff of the layoffs.

BP’s stock has been struggling, with a market capitalization of $84.58 billion as of Thursday, less than half of Shell’s value. The company has paused or halted 30 projects to prioritize profitability and faces increased competition from smaller rivals. Two top female executives departed last April, adding to the leadership uncertainty.

Investors are seeking concrete actions as BP’s stock continues to decline, currently trading at $31.30. The company’s stock has dropped nearly 20% over the last five years, reflecting the challenges it faces. As BP works to recover from the scandals and reshape its operations, Auchincloss remains optimistic about the company’s future growth and value.

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