Shell’s CEO has committed to reshaping the company’s focus towards high-margin projects and maintaining steady oil production. Credit: MajestiX B/shutterstock.com.

Shell is planning to reduce its workforce by at least 20% within its deals team, reported Bloomberg News, citing people with knowledge of the matter.

The move forms part of the company’s ongoing restructuring aimed at cost reduction.

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The deals division, responsible for managing mergers and acquisitions, will see a significant reduction in headcount, with details expected to be disclosed by the company in April 2024, according to the people.

The deals team, which comprises several hundred employees, is the latest group to experience job cuts within Shell.

This follows reductions in other business units including low-carbon solutions, chemicals and IT.

A spokesperson was quoted by the news agency as saying: “Shell aims to create more value with less emissions by focusing on performance, discipline and simplification across the business.

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“Achieving those reductions will require portfolio high grading, new efficiencies and a leaner overall organisation.”

The job cuts are part of the company’s broader strategic overhaul initiated by CEO Wael Sawan, who assumed leadership in January 2023.

Sawan has committed to reshaping Shell’s focus towards high-margin projects, maintaining steady oil production and expanding natural gas output.

In January 2024, Bloomberg reported that Shell commenced cutting hundreds of jobs, including roles within its low-carbon solutions unit, to enhance performance and increase investor returns.

At that time, a spokesperson said: “Shell aims to create more value with less emissions by focusing on performance, discipline and simplification.”

In October 2023, Shell disclosed that 200 positions from its low-carbon solutions unit would be eliminated, accounting for around 15% of the division, with an additional 130 roles under consideration.