Europe's second largest oil companyBPis to cut 5,000 jobs from all parts of the business by the
middle of 2009 to cushion the effects of lower
profits.
The company announced a restructuring programme yesterday after
releasing
fourth quarter and full-year results, which showed a 24% fall
in profits in the past year.
"The restructuring programme will affect every part of BP," a
company spokesman said, but gave no further details.
The spokesman said job cuts in specific areas of the business
such as IT would be known only once those affected had been
consulted.
Robert Morgan, direct at Hamilton Bailey, which advises
outsourcing companies, pointed out that the bulk of BP's IT was
outsourced. "I think it would find it difficult to cut IT staff
unless they outsourced exploration systems which are in-house," he
said.
Those divisions most heavily affected by the roughly 4,800 job
cuts have already been informed, with around 1,500 job losses
expected in the UK and US, 1,000 in Europe and the rest
elsewhere.
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