Shell (NYSE:SHEL) layoffs are a hot topic on Wednesday as investors react to the petrochemical company announcing job cuts for 200 people.
These job cuts are going to come about in 2024 and will affect employees of its Low Carbon Solutions business. To go along with that, another 130 jobs in that division are under review.
It’s worth noting that the division seeing these job cuts employs a total of about 1,300 employees. That means the reductions announced today represent 15% of its workers.
Shell is also looking to cut back on its hydrogen business alongside these job cuts. The firm said the following about this plan in a statement obtained by Reuters:
“Our global hydrogen portfolio remains a key part of our efforts to address the commercial and technical challenges in scaling our Low Carbon Solutions business […] We will be disciplined in only making investments with the highest chance of creating value and lowering emissions.”
Shell Joins Layoffs Trend
The number of companies laying off employees recently has been on the rise. That comes as businesses make plans to deal with increased interest rates as the Federal Reserve continues its fight against inflation. It’s also worth noting that several companies started off 2023 with layoffs for the same reason.
SHELL stock is up slightly as of Wednesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
