Brazil's Petrobras and Odebrecht to reduce costs

April 1, 2016 5:36 PM

32 0

SAO PAULO – Two Brazilian companies ensnared in massive corruption investigation say they plan to cut billions of dollars in costs or sell off assets.

State-run oil company Petrobras says in a Friday statement that it has approved a voluntary layoff program to reduce its workforce by about 12,000 and save 33 billion reals (about $9.20 billion) by 2020.

Also read: GE to take $6.2 billion charge in its finance arm

Read more

To category page