Petrobras plans to slash 12,000 from payroll by voluntary redundancies

Petrobras plans to slash 12,000 from payroll by voluntary redundancies

Petrobras, Brazil’s scandal-plagued state oil firm, is planning to scythe 15% of its staff through voluntary layoffs, according to Reuters which cites Brazilian newspaper o Estado de S.Paulo.

The job-cuts plan is to be officially announced in mid year. The cuts follow previous revelations that Petrobras will slash its investment budget by 20%.

These drastic pruning measures come as Petrobras, the world’s most indebted oil company, is trying desperately to cut costs.

It has been buffeted financially by the plunging oil price and the reverberations of the massive bribes-for-inflated-contracts graft scheme that has blackened its name.

A 15% layoff programme would entail the loss of around 12,000 staff.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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