BP cuts nearly 5,000 jobs in wake of ex-CEO Bernard Looney scandal

Group 1: Workforce Reduction - BP will cut over 5% of its global workforce, amounting to approximately 4,700 employees and 3,000 contractor positions, from a total workforce of around 90,000 [1][4] - This decision is part of CEO Murray Auchincloss' strategy to reduce costs and rebuild investor confidence following a scandal [1][2] Group 2: Cost-Cutting Measures - Auchincloss aims to cut costs by at least $2 billion by the end of 2026 to enhance returns and address investor concerns regarding BP's energy transition strategy [2] - The company has paused or halted 30 projects since June to focus on those with the highest profitability [7] Group 3: Leadership Changes and Scandal - Former CEO Bernard Looney resigned in September 2023 due to failure to disclose past personal relationships, which violated the company's code of conduct [3][5] - Looney's departure has created uncertainty in BP's leadership and future direction, leading to a shift back toward traditional oil and gas investments under Auchincloss [6] Group 4: Market Position and Performance - BP's market capitalization is currently at $84.58 billion, valued at less than half of Shell, and has fallen behind other oil majors [7] - The company's stock has decreased nearly 20% over the last five years, trading at $31.30 as of the market close on Wednesday [9][10]