BP Plc is planning to cut 10,000 jobs as coronavirus hits the oil major’s finances and the company accelerates a strategy shift under its new CEO to become leaner.

Bernard Looney said in a letter to staff on June 8 that the company was “spending much, much more” than it made as the pandemic had dealt a large blow to BP’s earnings and caused widespread financial damage across the energy industry.

While the company introduced a three-month redundancy freeze in March, this has now lifted. BP aims to cut nearly 15% of its workforce of about 70,000 people by the end of this year.

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