Shell cuts 5,000 jobs, profit down 73%

Anglo-Dutch oil giant Shell said on Thursday it will have cut 5,000 jobs, or some 5% of its total workforce, by the end of this year.

The job cuts are part of the Transition 2009 revamp announced earlier this year.
According to the Financial Times, Shell said in July that it had begun the restructuring by cutting 20% of its senior managers, reducing their number by 150 to 600.
In the next stage of the process, Shell said on Thursday that it was thinning the ranks of staff in less senior positions, which would take the total job losses from Transition 2009 to 5,000, the FT said.
Also on Thursday, Shell said it booked net profit of €3bn in the third quarter of this year, based on the current cost of supplies. This is down 73% on the year-earlier period but better than analysts had expected.
‘Our third quarter results were affected by the weak global economy,’ CEO Peter Voser said in a statement. ‘We see some indications that energy demand and pricing are improving, but the outlook remains very uncertain, and we are not expecting a quick recovery.’
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