Shell extends job cuts as CEO seeks to trim costs – Bloomberg News

(Reuters) – Shell has begun cutting jobs beyond previously announced reductions in its low-carbon division, Bloomberg News reported on Thursday citing people familiar with the matter.

Roles are being eliminated on a division-by-division basis, with those affected offered options including redundancy packages or applying for jobs elsewhere in the company, according to the report.

Achieving reductions will require portfolio high grading, new efficiencies and a leaner overall organization, a Shell spokesperson said.

“While no formal targets exist, we will continuously look to right-size the activities that deliver the most value.”

Shell said in October it will let go around 15% of the workforce at its low-carbon solutions division and scale back its hydrogen business as part of CEO Wael Sawan’s drive to boost profits.

(Reporting by Anirudh Saligrama in Bengaluru; Editing by Shounak Dasgupta)