Chevron to cut 15%-20% of staff, up to 8,000 positions, Barron’s says

Chevron (CVX) will lay off 15% to 20% of its workers, or 6,000 to 8,000 people, the company told employees on Wednesday, By Avi Salzman of Barron’s reports. A Chevro executive told Barron’s that the layoffs are part of a larger cost-cutting initiative, and are not a sign of broader problems at the company. “This is about us continuing to improve and positioning us to accelerate all the cash-generation that you’ve heard us talk about here over the past few years,” said Vice Chairman Mark Nelson in an interview. The layoffs will happen all over the world, and in all of the company’s major divisions, Nelson said.