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Shell to cut 10,000 jobs in drive to slash costs

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Screen Shot 2015-12-23 at 09.03.45By Sara SjolinPublished: Jan 20, 2016 3:42 a.m. ET

Royal Dutch Shell PLC RDSB, -4.82% RDS.B, -1.28% plans to cut 10,000 jobs in an effort to further reduce costs amid a severe slump in oil prices. The Anglo-Dutch energy company said in its trading update on Wednesday it had slashed operating costs by $4 billion in 2015 and that it expects further reductions of $3 billion in 2016. Shell also said profit fell by as much as 50% in the fourth quarter, sending the shares down 4.2%.

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