Downsizing Alert: Shell's Deals Team Faces 20% Reduction: Report
Portfolio Pulse from Shivani Kumaresan
Shell PLC (NYSE:SHEL) is reportedly planning to cut at least 20% of jobs in its deals team as part of a broader restructuring effort aimed at reducing costs and focusing on performance, discipline, and simplification. The cuts are part of a strategy to create more value with less emissions, involving portfolio high grading, new efficiencies, and a leaner organization. Shell's CEO Wael Sawan is committed to improving performance and boosting investor returns. SHEL shares rose 1.3% to $65.36.
March 13, 2024 | 1:47 pm
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Shell PLC is reducing its deals team by at least 20% as part of a restructuring to lower costs and emissions, aiming for a leaner organization. Shares increased by 1.3%.
The job cuts in Shell's deals team are part of a broader strategy to streamline operations and reduce costs, which is generally viewed positively by investors as it can lead to improved efficiency and profitability. The immediate positive reaction in Shell's stock price suggests the market views these restructuring efforts as beneficial for the company's future performance. However, the full impact will depend on the execution of these plans and their effect on Shell's overall strategy and market position.
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