Under pressure to reduce costs, Exxon Mobil is restructuring its European operations, including cutting up to 1,600 workers across the region through 2021,Three internal memos and several slides from a presentation to staff in a major European city, obtained by Business Insider, provide fresh details on the restructuring — which is intended to help Exxon "regain industry leadership." The firm's market value is down more than 50% from the start of the year.
Monday. "However, significant actions are needed at this time to improve cost competitiveness and ensure the company manages through these unprecedented market conditions."and said that local affiliates are handling questions regarding their operations. A spokesperson for Exxon's operations in Europe also declined to comment beyond the statement.
About half of the roles in question are in the company's fuel and lubricants division, according to another memo, sent to F&L staff later on Monday. Cuts in the company's upstream division, responsible for oil production, will mostly impact workers in Germany and the UK, per a third letter, sent to upstream employees Monday and obtained by Business Insider."We have determined that to remain strong, our structure in Europe must change," the letter to upstream staff stated.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inside the fight to save Rent the Runway - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Someone should report on them dropping their unlimited plan in early 2021 only to offer a limit of 16 items per month at a $30-60 increase in monthly cost at that tier vs unlimited. They say it's because customers aren't interested in unlimited and yet they limit and charge more?
Source: BusinessInsider - 🏆 729. / 51 Read more »
Wells Fargo ups third-party fintech data-sharing capabilities - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Take a break!
Source: BusinessInsider - 🏆 729. / 51 Read more »
One chart shows worker satisfaction is quickly becoming a top priority for executives - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Trump pledges 'BIGGEST TAX CUT EVER' in early morning campaign tweetstorm - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. ... and chicken in every pot. 🤔 roid rage or a desperate man.. or both 😂 Shit tweet
Source: BusinessInsider - 🏆 729. / 51 Read more »
4 things business leaders should do to help their employees refuel - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »