Baker Hughes cuts 10,500 from payroll

April 21, 2015 1:02 PM

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Baker Hughes cuts 10,500 from payroll

Oil services company adds its name to list of those whimpering in weak market.

The company said it was cutting about 17 percent of its workforce, or around 10,500 jobs, as it works to streamline its finances amid the drop in exploration and production. During the first quarter, Baker Hughes reported revenue of $4.59 billion, a 20 percent decline year-on-year.

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