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Shell to shed 1,000 more jobs as profit fallsThursday 04 February 2010 Anglo-Dutch oil giant Shell is to shed a further 1,000 jobs in an effort to reduce costs, the company said at the presentation of its Q4 earnings on Thursday. The new job losses come on top of the 5,000 being scrapped as part of an ongoing reorganisation. The jobs will mainly go at Shell's downstream operations - refining, chemicals and sales - the company said. Shell booked net profit of $1.96bn in the final quarter of 2009, compared with $2.8bn in the year-earlier period. The downstream operations accounted for some $1.76bn, including a one-off write-off of €1.3bn. 'Our fourth quarter 2009 results were impacted by the weak global economy,' said CEO Peter Voser in a statement. 'We are not assuming that there will be a quick recovery, and the outlook for 2010 is uncertain.' Shell's full year 2009 reported earnings were $12.5bn compared with $26.3bn in 2008. © DutchNews.nl
@ simplastic The complete story is Shell sold some refineries world wide to companies from Russia, China, Libya, etc.. Therefore they don't need the downstream guys any more, unless they can integrate them in the upstream part of the business, which is booming for Shell at the moment. By Al | February 4, 2010 12:53 PM This is a normal statement. When things go wrong, the cause is the weak economy, and job cuts are the answer. When profits are up, is a success of the CEO and his bonuses expand. When will the CEO's accept the blame for their own faults? By olibydrops | February 4, 2010 5:04 PM
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Why do 1000 people have to lose their jobs (and all the pain that goes with that) when this company is still turning such humongous profits, probably larger than some countries' total GDP?
This is simply to appease greedy shareholders. I'm disgusted.
By simplastic | February 4, 2010 11:25 AM