Centrica axes 5,000 jobs on virus impact

LONDON: 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.