Exxon to lay off up to 1,600 workers in Europe

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Exxon Mobil Corp. said Monday it will cut its workforce in Europe as it works to cut costs in face of diminished demand with the pandemic. Exxon did not detail where or when the layoffs will take place, saying that it expects that up to 1,600 positions would be impacted by the end of next year across the company’s affiliates in Europe and that country-specific numbers depend on the unit’s footprint and market conditions. The cuts “result from insight gained through reorganizations and work-process changes made over the past several years to improve efficiency and reduce costs,” Exxon said in a statement “The impact of COVID-19 on the demand for ExxonMobil’s products has increased the urgency of the ongoing efficiency work.” Europe remains “an important market” for the company, Exxon said. Shares of Exxon turned 0.3% lower in the extended session Monday after ending the regular trading day up 2.3%.
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