Europe follows Australia over Exxon's decision to reduce costs
The pandemic's effects are still felt among multiple industries. Last week, Disney announced 28,000 furloughs, while American Airlines and United Airlines said that 32,000 people will be laid off. Now, another major company is looking to cut costs by laying off some employees.
Exxon, one of the largest US oil companies said that it plans to cut part of its European workforce. The company didn't say where or when the layoff will happen, but 1,600 jobs are in jeopardy at a European level. The cuts will be made across Exxon's affiliates, and the country-specific numbers depend on the unit's footprint.
Low demand caused by the pandemic "has increased the urgency of the ongoing efficiency work," but Europe "remains an important market," read the company's statement.
It is not the first time when Exxon is making job cuts. At the beginning of September, in Australia, it was seeking volunteers to leave the company. The company didn't give any specific number regarding how many people had to go.
Following the news, Exxon stock price ended the regular trading session 2.3% higher. However, in after-hours trading, it lost 0.3%.
Sources: reuters.com, marketwatch.com