ExxonMobil latest casualty in Big Oil layoffs as industry awaits recovery
It cuts 300 jobs in Singapore, but observers say Republic's competitive scene pushes players to be more efficient; global demand also set to improve
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OIL prices may be rebounding, but oil majors are still under pressure to restructure - as ExxonMobil's latest layoffs announcement shows. Structural shifts, including a growing emphasis on sustainability, require these companies to make changes to their operations. Nevertheless, some industry watchers are optimistic that the worst of the job cuts are over.
On Wednesday, ExxonMobil announced it would cut some 300 jobs at its Singapore affiliate, translating to about 7 per cent of its local workforce of more than 4,000. The Business Times understands that affected employees will be informed from March 8.
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