BP to axe 5,000 jobs worldwide

Oil major BP is set to axe 5,000 of its 97,000 employees worldwide under cost-cutting plans announced today in the wake of a profits fall.

Confirmation of the plans came as the world’s third-largest oil company saw profits tumble by more than a fifth to $17.29bn (€11.8bn) last year as problems with its US refineries continued to dog the business.