09:10 AM EDT, 10/11/2024 (MT Newswires) -- (Updates with the company's comment in the fourth paragraph.)

Shell (SHEL) employees have criticized the company's leadership over proposed job cuts, Bloomberg reported Friday, citing internal company communications.

Chief Executive Wael Sawan has announced layoffs to increase profits and increase the company's valuation in comparison with US rivals. The moves have marred employees' view of the company, according to a company survey cited by Bloomberg.

The survey showed declines in nearly every key measure, including employee engagement and organizational leadership, according to the report.

A Shell spokesperson told MT Newswires that employees are experiencing "significant change" as the company moves through the energy transition. "A very small number have made comments, which we listen to as part of our active staff engagement," the spokesperson said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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