Glencore slashes 1,000 jobs in $1 billion cost-cutting overhaul
Swiss commodities giant Glencore has cut around 1,000 jobs as part of a major restructuring plan. The company, which employed roughly 84,000 people at the end of 2021, aims to save $1 billion by the end of 2023 through these changes. The job cuts follow Glencore’s turnaround strategy, announced in August. The plan includes merging its nickel and zinc operations into a single business unit. This move is designed to streamline operations and reduce costs. Glencore’s CEO, Gary Nagel, has set a target of $1 billion in savings by late 2023. Half of these savings are expected to be achieved by 2025. The company also maintains two specialised divisions—one focused on projects in Argentina and another on special projects. Details about which specific roles in Argentina were affected remain unclear. The restructuring reflects a broader effort to improve efficiency across the business. The restructuring has already led to significant job losses, with around 1,000 positions removed. Glencore continues to push for cost reductions, aiming to meet its financial targets in the coming years. The company’s future steps will likely focus on further operational adjustments.
