British energy giant to lay off 4,700 employees

British BP Plc plans to reduce its workforce by 5%, or approximately 4,700 people.

Report informs via CNBC that BP will also terminate contracts with about 3,000 contractors.

At the end of 2024, BP CEO Murray Auchincloss announced measures to reduce costs by at least $2 billion by the end of 2026, and Thursday's announced cuts are part of these measures, the channel notes.