Shell (NYSE:SHEL) layoffs are coming for hundreds of the energy and petrochemical company’s employees as it seeks to cut operating costs.
According to recent reports, Shell is following up on an internal announcement in December to reduce its headcount. That will see the company focusing on trimming its workers to put it closer to its U.S. rivals.
As for the employees affected by the Shell layoffs, reports claim the company is going to start with its Low Carbon Solutions division. The number of employees affected by these headcount reductions hasn’t been announced yet.
Reports from December claimed that Shell is cutting 200 jobs in its Low Carbon Solutions division in 2024. Those same reports also said that another 130 jobs in this division are under review. Investors will note that this section of the company employs 1,300 workers.
Shell Layoffs Continue Trend
Plenty of companies have been announcing layoffs recently to readjust their workforces for 2024. That comes at a time when high inflation and interest rates are still a going concern for businesses.
This is making the economy more difficult to manage and seeing companies cut costs where they can. That means we’re likely to see even more layoffs announced this year.
SHEL stock is down slightly as of Thursday morning.
Investors seeking out even more of the most recent stock market stories will want to stick around!
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On the date of publication, William White did not have (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.
