Shell to Cut About 20% of Jobs in Deals Team: Bloomberg News

In a strategic move to streamline operations and enhance fiscal efficiency, Shell is reportedly on the cusp of reducing its workforce within the deals team by a minimum of 20%. This initiative, as reported by Bloomberg News, is informed by individuals privy to the company's plans.

The deals team, a robust unit within Shell that orchestrates mergers and acquisitions, has been briefed on the impending downsizing. The specifics of this reduction are anticipated to be disclosed come April.

A Shell spokesperson articulated the company's objective to augment value while concurrently diminishing emissions. This goal will be pursued through heightened performance, stringent discipline, and an overarching simplification of business processes. The spokesperson further elucidated that realizing these reductions necessitates an upgrade of the portfolio, discovery of new efficiencies, and fostering a more streamlined organizational structure.

Wael Sawan, who ascended to the position of CEO in January of the preceding year, has pledged to overhaul Shell's strategic direction. His vision encompasses concentrating on ventures with substantial margins, maintaining stable oil production, and expanding the natural gas segment.

Previously in October, Shell had announced its intention to disband approximately 15% of its personnel in the low-carbon solutions division. This move was also aligned with Sawan's commitment to bolster profitability, which included scaling back on hydrogen ventures.