This is expected to affect about 300 employees, out of the multinational oil company's 4,000-strong workforce in the city-state.
ExxonMobil, a multinational oil company, has announced that it could be cutting about 7% of its Singapore workforce by end-2021, which makes up about 300 out of its overall 4,000-strong workforce.
In a statement on Tuesday (2 March), the firm shared that "unprecedented market conditions" resulting from the COVID-19 pandemic had "accelerated ongoing reorganisation and work-process changes that will improve the company's long-term cost competitiveness and ability to manage through near-term challenges."
Commenting on the move, Geraldine Chin, Chairman and Managing Director, ExxonMobil Asia Pacific, said: "This is a difficult but necessary step to improve our company’s competitiveness and strengthen the foundation of our business for future success.
"We are providing transitional support to our colleagues who are impacted and are focused on getting through this challenging time."
In other job-related news, Goldman Sachs has announced it plans to add about 100 staff to its Singapore headcount. In an interview with Bloomberg, E.G. Morse, Head of Goldman Sachs’ Regional Operations, said the new positions will "mainly be in technology, and the appointments will take the number of employees in the city to more than 1,000."
"We are looking to really grow our franchise here across all products. It’s a significant and major client hub from banking clients to asset managers."
Photo / 123RF