Shell and Centrica cut over 12,000 jobs

Shell and Centrica will be slashing 12,500 jobs from their workforce.

Shell will be reducing their work force by 6,500. They have blamed a slump in oil prices. By slashing costs by ten per cent, or £2.6billion, they hope to adapt to the anticipated “prolonged downturn.”

Shell CEO Ben van Beurden said: “We have to be resilient in a world where oil prices remain low for some time, whilst keeping an eye on recovery. We’re taking a prudent approach, pulling on powerful financial levers to manage through this downturn, always making sure we have the capacity to pay attractive dividends for shareholders.”

Shell’s worldwide workforce totals 94,000.