Shell to cut 20% of jobs in deals team - report

13th Mar 2024 10:02

(Sharecast News) - Shell will reportedly cut at least 20% of jobs in its deals team as the company continues to restructure its business units in an effort to reduce costs.

Bloomberg cited people with knowledge of the matter as saying that staff in the division - which has several hundred employees handling mergers and acquisitions for Shell - were told that there would be a significant reduction in headcount, with further details to be communicated in April.

The team is the latest to be affected by job cuts, following similar moves across business units such as low-carbon solutions, chemicals and IT.

"Shell aims to create more value with less emissions by focusing on performance, discipline and simplification across the business," a spokesperson told Bloomberg. "Achieving those reductions will require portfolio high grading, new efficiencies and a leaner overall organisation."

Shell employed 93,000 people in 2022, up from 83,000 a year earlier, according to last year's annual report. The company will publish its next annual report with updated figures on Thursday.