BP will freeze employee pay this year in response to the “harsh trading environment,” company CEO Bob Dudley said in a staff memo on Monday. Via Bloomberg, BP is the first multinational oil firm to announce a pay freeze since oil prices began to fall last year.
Several oil companies including Schlumberger and Apache Corp. recently announced widespread layoffs in response to oil prices. BP said earlier this month it would cut 200 staff jobs and 100 contracting jobs from its North Sea operations. Bloomberg estimates more than 30,000 dismissals have been announced across the industry.
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