BP cuts over 5% of workforce in CEO cost cut drive

BP will reduce its workforce by around 4,700 staff and cut 3,000 contractor positions as part of CEO Murray Auchincloss' cost-cutting plan. This follows Auchincloss' commitment to slash costs by $2 billion by 2026 to address investor concerns and after Bernard Looney's resignation. BP's workforce stands at approximately 90,000 employees.