Chevron is laying off 15-20% of their staff by 2026. That’s more than bp has committed to, and Chevron is actually performing well. I have a feeling things are going to heat up for us. The targets that bp has announced are just the beginning.
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Can we find a ceo in pune who won't need so much compensation and who might actually help increase value of bP?
Since 2020, ExxonMobil has cut 20% while growing the volumes and profits and acquiring Pioneer. 5% is lame. BP layoffs need to be 25% this year with zero severance to save money.
Well. I expect BP will follow. Murray will present new strategy, and in half a year we will learn about next round of layoffs.
Would keep in mind that bp employe #s include all the service/gas station staff
India (software) engineering talent is quite decent
Though amount of money being paid for senior engineer in India now overlaps with senior engineer in the UK. Also India Pay is growing 2.5 fastes(on annual basis) than the UK
It is funny to see that people started to realise that the UK is also a low cost of labour location (but not low cost of living!) I expect U Turn to happen in couple of years
Chevron targeting $3B cost reduction by 2026. bp is only targeting $2B by 2026 so you know they will need to cut more to stay competitive.
Are there really that many competent hires in India? I heard TSI made like 400 jobs offers and had 400 accepted...that sounded astronomically improbable unless people were underqualified and/or wildly overpaid.
Chevron is also working through adding their own “TSI”. Some of their layoffs are due to the Hess merger but also them bringing on their India hub.