BP will cut over 5% of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss' efforts to reduce costs and rebuild investor confidence in the energy giant. Around 4,700 employees and 3,

BP will cut over 5 per cent of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss’ efforts to reduce costs and rebuild investor confidence in the energy giant.

BP announced on Thursday that it will cut around 4,700 staff, or over 5% of its total workforce, as part of CEO Murray Auchincloss' efforts to reduce costs. BP told staff that 3,000 contractor positions will also be cut,

BP Plc is cutting 4,700 positions internally and 3,000 contractor jobs, Chief Executive Officer Murray Auchincloss told staff on Thursday, as the London-based energy giant seeks to reduce costs.

British oil major BP on Thursday said it is planning to cut thousands of jobs as part of a major cost-cutting drive.

BP has announced plans to axe more than 4,700 jobs as part of its latest restructuring plans in a blow to economy. The oil industry giant is slashing over five per cent of its global total workforce This is part of CEO Murray Auchincloss' wider efforts to reduce costs for the business.