BP to cut 4,700 jobs, 3,000 contractor roles this year

BP has announced plans to cut around 4,700 jobs, amounting to 5% of its workforce, this year. The oil company will also eliminate about 3,000 contractor roles. While a breakdown of the cuts wasn't disclosed, Reuters cited a memo to report that about 1,100 roles could be cut by shifting work from UK and US to Hungary, India and Malaysia.