Oil company to lose 5% of its staff in effort to cut costs amid shareholder worries over green energy strategy

BP is to cut thousands of jobs from its global workforce, amounting to 5% of its staff, in an effort to save billions in costs to appease its worried shareholders.

The oil company reportedly told staff on Tuesday that it would cut 4,700 jobs and scrap another 3,000 contractor positions, after its chief executive promised to reduce the company’s costs by at least $2bn (£1.6bn) by the end of 2026.