Thursday, May 13, 2010

Chevron (NYSE:CVX) Laying Off 1500 People

Chevron (NYSE:CVX) decided to lay off 1500 people. Unfortunately, these 1500 being laid off aren't the first nor will they be the last. Last year, 1,900 people were also laid off.

The lay offs are part of Chevron's global restructuring of the company's downstream business. This is just a part of the plan. They plan on cutting the company's global workforce by 5,700 jobs over three years.

This will include everyone from executives on down. The company is offering help finding new jobs and is providing severance packages. The layoffs are being explained as being due to the economy.

In March, Chevron said its crude-oil refining and marketing would cut staff by more than 20 percent. This was blamed on the effects of a slow fuel demand.

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