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.
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