Shell to axe jobs as profits fall

Feb 4 2010 By nebusiness

Royal Dutch Shell today said it would cut another 1,000 jobs this year after reporting a 69% slide in annual profits to US$9.8bn US dollars (£6.1bn).

The Anglo-Dutch firm also reported a steep drop in fourth quarter earnings - down 75% to US$1.18bn (£738m) - after pressure on margins in refining offset a year-on-year increase in oil prices.

Shell has cut 5,000 jobs in the past year and said it will remove another 1,000 in 2010 - mainly in downstream and corporate functions - to make it more competitive against rivals such as BP.