Chevron is implementing significant layoffs, cutting its workforce by 15% to 20% by next year to lower costs and boost profitability. Approximately 9,000 employees may be affected, though specific impacts on the Bay Area workforce remain unclear. The cuts align with a previously announced initiative targeting $2 to $3 billion in structural cost reductions by the end of 2026. The company aims to streamline operations, improve efficiency, and maintain competitiveness, while also relocating its headquarters from San Ramon, California, to Houston, Texas.
Chevron's decision to cut its workforce by 15% to 20% is aimed at reducing costs and enhancing profits, impacting around 9,000 employees globally.
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