Chevron flags possible U.S. job cuts in $3 billion cost cutting

Chevron Corp. indicated potential U.S. job cuts as part of a new cost-cutting plan.

The $3 billion in targeted “structural” cost savings will come from asset sales, the use of new technology and workflow changes, Chief Executive Officer Mike Wirth said during an interview.
Chevron recently opened up a $1 billion innovation hub in Bengaluru, India, which is hiring workers for engineering and digital services.

“We’re going to change where and how we do some of our work,” Wirth said in response to a question about workforce reductions. “The center in India is an example of that. That does have implications on people because we’re changing how work is done and where work is done.”

https://www.spokesman.com/stories/2024/nov/01/chevron-flags-possible-us-job-cuts-in-3-billion-co/

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Beginning of the end... Goodbye, CTC. Goodbye, FE function. Everyone else, get set for 9 a.m. / 9 p.m. Team meetings.

As a union employee i feel like the whole US should be unionized but too bad people are to scared to unionize. But the alternative of getting ran over is better I guess

Oh good, the real sentiment of people is being obscured once again through vote manipulation

I like dividends and I'm not a boomer. And I know many more shareholders just like me.

Boomer like dividends and buybacks. Boomer has large stock position. Thanks Mike for looking after shareholders which is what ELT is supposed to do.

With the number of Chevron haters and disgruntled little people that post of this site it makes total sense that the company just get employees elsewhere who will appreciate and be grateful to work for such a great company. Hopefully Chevron does not waste money paying you petty, ungrateful, lazy, small people to leave. Money would be best spent going to shareholders like me.

Can’t wait for the pension cuts / buyouts, salary cuts, and bottom-of-the-barrel benefit offerings. Some Americans might be kept, but they’ll make you wish you weren’t.

Our country is headed in such a sad direction. Everything for a buck, enrich India at the cost of the US. How many years do we have left as number 1 economy if we keep offshoring jobs and government debt and personal debt just keeps going through the roof? Eventually the credit cards will get cancelled.

American oil, American Jobs.... Lol

Looks like y’all are about to go through what WS at Shell started last year…no large scale reorg just perpetual targeted reorgs while growing Chennai

This has engine written all over it. Our business unit is doing reduction by attrition and only feeling jobs that are absolutely necessary as well as eliminating PSG 26/26 roles.

Embarrassing. Let’s go back in a Time Machine to the 1990s. Offshoring to India. Layoffs. Mike, we already ran the globalization experiment. It didn’t work.

Doesn’t stop with workflows. They will eventually target field workers. Hard to compete with someone willing to work 3 months on and 1 month off for 1/3 the price. Maybe unions have the right idea.

The problem is any increased productivity due to “ Work flow changes” are years down the road, whereas they are looking for structural saving in a few quarters. Feels like burning the deck chairs for a few last dividend payouts.

Time to say goodbye. I'll bank the cheque with a smile and no tear in my eye.

Why don't MW offshore the executive leadership team? That would account for a large part of the $3 billion structural savings

“Work flow changes” - as in, the work will be flowing past the vacant spot you used to occupy, straight offshore.

Thread regarding Chevron Corp. layoffs

Chevron flags possible U.S. job cuts in $3 billion cost cutting

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