Shell announces job cuts in 2016

Royal Dutch Shell Plc plans to cut 2,200 more jobs to take its tally of job cuts to 12,500 in 2016.

According to Paul Goodfellow, Shell’s vice president for the U.K. and Ireland, at least 5,000 jobs would be cut in 2016 to tackle lower crude oil prices and as a result of its acquisition of BG Group Plc earlier this year.

Shell’s adjusted net income for 1Q 2016 declined 58% to $1.6bn following the collapse in oil prices. The company acquired BG Group for $54bn in 2016 to get access to oil and natural gas reserves from Australia to Brazil. The acquisition increased Shell’s debt to $70bn as on 31 March 2016.

Source: Bloomberg

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