Another energy company believes it is overstaffed. Oil giant BP PLC (NYSE: BP) will cut 10,000 jobs. It hopes it can find these people new jobs, but the programs it has offered for this effort are thin at best.

CEO Bernard Looney says that most of the jobs of those who will be fired are office based. Oddly, his note to employees starts with “Hello Everyone.” That is hello to everyone leaving.

For the balance of workers, the normal COVID-19 programs at large companies are part of future plans. Raises will be frozen. For senior management, this will apply until March 21, 2021. Promotions will be frozen for the time being. Cash bonuses will be frozen as well.

Looney added that those who leave the company will get help via webinars, training agencies and government programs. Given the state of the economy, that is unlikely to help them. BP will aid people who are leaving with their “job-seeking” skills. These people additionally will be provided with a laptop. It is small comfort.

Looney’s final goodbye: “These are tough decisions to make. But the impact — particularly on those leaving us — is much, much tougher. I understand this and I am sorry.”

Whether BP will make money in the near term or need to seek loans to support it is something the company won’t make entirely clear now. Whatever happens in this regard won’t help the people who will be leaving.

Get Our Free Investment Newsletter

I have read, and agree to the Terms of Use

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.