Impact of economic recession, oil company Chevron will lay off 8,000 workers; Layoff will be completed by 2026

Houston-based oil company Chevron is set to layoff 8,000 of its employees. This would be around 20 percent of its strength of 40,000. The company is set to cut up to three billion dollars in expenses until next year's end. For that, it would layoff staff in the first place. The layoff would start this year and would be completed by 2026.

A company spokesperson said Chevron is streamlining operations to boost efficiency and competitiveness. This includes optimizing its portfolio, leveraging technology, and expanding global work centers. These decisions have not been taken lightly, and we will support employees during the change. Chevron, the second-largest U.S. oil company, moved its headquarters from San Ramon, California, to Houston last year. However, it retains a strong presence in San Ramon.

Commerzbank The hiring will be done at its operations in Poland and nearby low-cost locations, the bank said. The bank is looking for targeted acquisitions and will focus on strategic partnerships. This is in contrast to big deals in Spain, Italy and elsewhere. The chief executive of Dutch bank ING said he is looking for takeover opportunities, potentially joining the wave of acquisitions underway in Europe.

UniCredit, which has long been considering an alliance with Commerzbank, said a combination between the two banks would be the best possible outcome and any proposal could still take several months. UniCredit dismissed reports of a move away from the alliance.

Germany's Commerzbank is to shed 3,900 staff. The job losses would be mainly in Germany and would be completed by 2028, said the bank. Appointments, however, would continue to be overseas. That is, the total staff would be maintained at a total of 36,700. The management of Commerzbank has been working on this plan over a period of many months. The country's second-largest lender is hopeful that its announcements will convince its investors that it is in a position to grow as an independent company. The government is a shareholder in Commerzbank. The bank is targeting a net profit of 3.8 billion euros in 2027, up from a previously established target of 3.6 billion euros.