Exxon will furlough 1,600 people in Europe

Exxon is looking for ways to reduce costs

Even the largest companies in the world have been impacted by the pandemic regardless of their industry. For example, to keep themselves afloat, American Airlines and United Airlines announced that they would furlough 32,000 employees together.

The same is the case of Exxon Mobile, the largest American oil company. The layoffs will happen among its European affiliates, without a specific number, but based on the unit’s footprint. Exxon didn’t provide any details about when or where precisely the layoffs will happen, but it is looking to reduce its European workforce by 1,600.

For Exxon, it would be the second job-cut in two months. At the beginning of September, it announced its employees from Australia that is looking for volunteers for leaving the company. At that time, Exxon didn’t reveal how many people must go.

Following the news, in after-hours trading, its stock price went down 0.3%.

Read here about American Airlines and United Airlines!

Sources: marketwatch.com