Seems based on the earliest indication and messaging from Wael to be an anti climax. Returning value to shareholders and focus on profitability and reducing costs…..everything we have heard before. So after all this waiting no indication of the supposed BP merger etc…..just the usual.
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- 1 Billion cuts already with another 2-4 billion to go. Only gas business and oil production to remain? How will the cuts happen? Speed 26 coming, but then what’s next speed 27, 28, 29, rounds of cutting for headcount reduction?
Ya' know there are close to 3 billion shares of Shell. If they dropped the $3bln buy-backs they could pay a dollar more in the dividend over a year or two... that would probably have a bigger and longer term impact than the buy-backs
My stocks @aex are going sky high. Good dividend is around the corner too. Dont stop Weal, keep doing what you are doing!
The share buy backs and divestments have gotten too extreme that some investors were questioning Wael's reasoning (Shell is self liquidating through 2030 with a 40% smaller market cap, why divest chemicals at the bottom cycle when an upside is expected, asset footprint is smaller relative to past).
the 3.1 billion structural costs reduced up to 2024, does that include the people that are leaving this month….?
Wael does not report to the board-he, along with the rest of Shell, reports to the investment bankers at CMD. Despite their expensive suits, it was clear they were focused on how Shell could continue to fuel their own wealth.
Why is the board standing by while YL dismantles the very culture that made us thrive in the past?
wow what a shocker… not
to any who expected any plan from wael besides cutting you are severely overestimating him
beta male cutter face has zero vision. he has but one trick. the solutions to all problems is cuts. we need assets? who cares cut assets to make the remaining ones look good and buy back stock.
profit not good? cut salaries
cut cut cut cut cut cut cut
i hope he cuts the indian hub next
Honestly another 3 year window of impending layoffs is torture. We are facing a half a decade of pending doom. This is not good for anyone’s psyche or mental health.
Wael and his LT have managed to make Exxon’s annual 10% cuts look generous by comparison.
Engineers are NOT safe either. It is just luck of the draw at this point to not to be cut from an asset divestment or annual hunger games opex reduction in order to please the money managers at the NYSE today. “This is Shell” = CUT CUT CUT for share buy backs.
Shell employees that are not engineers should start looking to their life after Shell. And maybe even post a corporate career. The white collar employment landscape is changing. Careers outside of engineering and healthcare occupations are likely to keep going offshore or become automated.
No, there is is still a lot of IT cost and inhouse IT stuff that you can just outsource to other Indian IT companies. Nothing in IT gives any value for the real Shell business. Too many overpaid overhead managers across the globe talking promises about AI and digital IT, just quoting Gartner and such.
So plenty money to save still and Wael can keep buying stocks back. Yes, it will crash in the end, but there is still a lot to cut, cut, cut for the next years.
Not so quick, wait until the market realizes it’s all smoke and mirrors and watch your shares crash and burn. It’s only a matter of time. You trusting Wael to keep making you money is delusional on the way to bankruptcy
We all knew Wael has absolutely no originality. No clue what he’s doing. The only thing he knows is to eviscerate decent companies and sell them off for parts. 2 years in and no vision. Time for a new CEO that can return this 100 year old company to its former glory
cut cut cut cut cut cut cut
wow, one amazing trick. use AI (another indian) to reduce costs. sell assets to buy stock and pay dividends. very sustainable.
value over volume. unless its volume of rework. indians redo the work 3 times who cares. still way cheaper than other countries. time isn’t money. money is money.
a self respecting and cognizant UK or US JG3 or higher managing indians should teach them nothing. just let them rework and have the stakeholders correct them. more job security less work. zero downside. might as well get a second job during this one.
plus the fast tracked indian JG3s don’t teach either because they don’t even know what to do.
why step up as a leader and help when it just fastlines your offshoring? why over deliver compared to fast tracked hand picked competition? just go with the flow. rest and vest. then get kicked.
From listening to the presentation and Q&A, it feels like they will increase cost cutting target again in 2027 from $5-7 billion (2028 target) to $7-10 billion (2030 target).
Non-portfolio savings and reductions in the corporate cost centers is where they will find the savings from cutting costs. So anxiety for corporate staff for the next 3 years.
The real problem with utilizing offshored labor is even pretending to go through the motions of using them requires more work than just doing it with fewer staff in skilled countries. It’d be nice to see structural reduction in those low cost centers and pay the quality ones like kings (still cheaper) to stick around and actually help deliver.
Your IT jobs are taken over by young Indians who just started their careers. High chances are your next manager is a jg2 or jg1 Indian with a couple of years Shell experience. Good luck, with this working environment vreated by Shell leaders. Glad I am a shareholder now, instead of staff.
I am taken good care of by Wael so far.
Amazing advances in cost cutting due to AI (another Indian)
meanwhile Indian hub employees act like they are picked due to being best in the world instead of the cheapest
peak comedy. i think ill mail my congressman and mention trump about the all the H1B abuse. i’d prefer they go fully indian an fire us all or follow the laws
It’s 3-4 billions more compared to 2023 cost cutting target (2-3 billions). So another round of what we have seen the past 2 years, prolonged by 3 years.
My estimates put it at 575 to 1000 employees per year in North America based on the average employee costing Shell $200,000 per year. That doesn't seem like a large number. You could probably get to those numbers through attrition.
Wael is incredibly boring. He is trying to be a predictable CEO and to meet targets that he has a lot of control over (eg costs). I just hope we don’t have a major process safety event that is correlated to yet another round of incoming layoffs.
Looks like they'll try to cut costs by about $500 million to $1 billion per year out to 2028.