Shell to cut about 20% of jobs in deals team amid push for cost savings

Shell will eliminate at least 20 per cent of jobs in its deals team as the company continues to restructure its business units in an effort to reduce costs, according to people with knowledge of the matter.

Staff in the division, which has several hundred employees handling mergers and acquisitions for Shell, were told that there would be a significant reduction in headcount, with further details to be communicated in April, the people said, asking not to be named because the information isn’t public. The team is the latest to be affected by job cuts, following similar moves across business units such as low-carbon solutions, chemicals and IT.

“Shell aims to create more value with less emissions by focusing on performance, discipline and simplification across the business,” a spokesperson said. “Achieving those reductions will require portfolio high grading, new efficiencies and a leaner overall organisation.”

Shell chief executive officer Wael Sawan, who took the job in January 2023, has pledged to be “ruthless” in improving performance and boosting investor returns. The company has pledged to cut operating costs by US$2 billion (S$2.7 billion) to US$3 billion and chief financial officer Sinead Gorman said last month that more than £1 billion (S$1.7 billion) of structural savings have already been delivered. BLOOMBERG