By John Donovan
Interesting times for Shell.
Yesterday, Standard & Poors announced a downgrading in the credit rating of Royal Dutch Shell Plc. Today, The Wall Street Journal published an article concerning Shell’s 2 billion rescue package for its Dutch Pension Fund.
Now there is news of more job cuts.
An announcement on the new EP organisation under the Peter Voser restructuring process is imminent.
According to our information, the announcement is scheduled to be made on Monday.
It will involve major job cuts. Although precise figures have not been supplied to us, our estimate based on an analysis of the leaked information received, is that on average, staff numbers will be cut by 15%. Many staff will be forced to reapply for their jobs.
Shell has been given the opportunity to correct any information relating to the pending announcement which is inaccurate. It has chosen not to do so.