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rdf:type	schema:NewsArticle
schema:articleBody	British domestic energy provider Centrica will axe 5,000 jobs, or almost one fifth of its workforce, as it responds to the coronavirus pandemic fallout and intense competition, it said Thursday. The owner of British Gas said in a statement that a need for drastic restructuring -- centred on axing leadership, management and corporate staff -- had been accelerated by the slump in energy demand triggered by the COVID-19 outbreak. Centrica's job cuts mirror a move this week by sector peer BP, which said it would slash 10,000 mainly office jobs after plunging oil prices hit energy producers worldwide. Centrica said all its jobs losses would go this year, in the first overhaul by newly-installed chief executive Chris O'Shea. The group employs more than 26,000 staff worldwide. BP also recently changed its CEO, promoting Bernard Looney who on Monday said the British energy giant was encountering soaring debt levels. Companies are meanwhile axing thousands of office jobs as they look to a post-coronavirus landscape where remote working becomes far more common. "Since becoming chief executive almost three months ago, I've focused on navigating the company through the COVID-19 crisis and identifying what needs to change in Centrica," O'Shea said in the statement. "We've learnt through the crisis that we can be agile and responsive in the most difficult conditions and put our customers at the heart of our decision making," he added. Centrica's restructure comes also as British Gas faces intense competition from new, smaller rivals in Britain's crowded energy market. "We have great people, strong brands that are trusted by millions and leading market positions, but the harsh reality is that we have lost over half of our earnings in recent years," O'Shea said Thursday. "Now we must bring focus by modernising and simplifying the way we do business." Centrica's share price dropped three percent in early London trade following the announcement. rfj-bcp/bmm
schema:headline	Energy group Centrica axes 5,000 jobs on virus impact
schema:mentions	Energy market 2020 coronavirus outbreak in Singapore Axe BP Mirror London Chief executive officer Pandemic Virus United Kingdom Coronavirus Severe acute respiratory syndrome coronavirus 2 British Gas Centrica British Energy Bernard Looney Energy industry
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-06-11 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	82 (xsd:integer)

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