Brazil’s troubled state oil giant Petrobras said on Thursday it will axe 20% of management positions among other measures as it continues to find ways to save costs, according to Reuters.
The world’s most indebted oil company, embroiled in a humiliating bribes-for-inflated-contracts scandal that has seen executives and politicians investigated and jailed, is also trying to cope with the plunge in oil prices.
It has already slashed investment plans and sold off assets, with more to come.
These management cutbacks are limited to non-operational administrators and will involve repurposing of people to non-management roles, rather than actual redundancies.
