BP Cuts Over 5% of Workforce to Reduce Costs

CORPORATE STRATEGIC - LONDON. BP will cut over 5% of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss' efforts to reduce costs and rebuild investor confidence in the energy giant.

Around 4,700 employees and 3,000 contractor positions will be cut this year, BP told Reuters. The cuts were announced in an internal memo seen by Reuters earlier on Thursday.