Exxon Mobil Corp to cut 7% of its Singapore workforce: What you need to know
Exxon Mobil claims 'unprecedented market conditions' to justify a 7% cut of its Singapore workforce.
On March 3rd, Exxon Mobil announced that it will sadly cut 7% of its workforce in Singapore as "unprecedented market conditions" due to ongoing profit losses caused by the pandemic. This decision will cost the oil company about 300 jobs by the end of 2021.
Geraldine Chin, chairman and director at Exxon Mobil APAC (Asia-Pacific Region), in an announcement said: "This is a difficult but necessary step to improve our company's competitiveness and strengthen the foundation of our business for future success".