Shell is currently carrying out a slew of job cuts in order to reduce costs, with reports that it is looking to cut around 20% of its M&A unit.
The ongoing job cuts at Shell are extending to the team handling mergers and acquisitions for the supermajor as the oil and gas giant is looking to eliminate around 20% of several hundred positions in the M&A unit, unnamed sources familiar with the plans have told Bloomberg. Shell has been saying for months that it is pursuing a leaner organization and aims to make larger cost savings by reducing headcount. In 2022, Shell employed more than 90,000 people.
Last year, Shell said it plans to cut 15% of the 1,300 jobs in its Low Carbon Solutions business as it scales back some green energy ambitions and focuses on profitable projects including in the oil and gas sector. In December 2023, the oil major announced internally a broader plan for job cuts in other departments, too.