The Financial Times said CEO Tony Hayward told a staff meeting in Houston that he planned a shakeup of the company's structure after its worst financial performance in 15 years.
Hayward told staff that third-quarter revenues, due to be announced October 23, would be 'dreadful' and that BP needed to streamline its overly complicated structure.
"There is massive duplication and lack of clarity of who does what," Hayward said.
"We will reduce the number of organisation units. (We) will reduce the number of layers from the workers up to the CEO from 11 to about seven."
BP confirmed the staff meeting had taken place but said Hayward's comments had focused on operating performance rather than a major hit to revenue. BP shares closed 2.8pc lower at 572.5 pence on the London Stock Exchange.
Via|Gulf Daily News
|BRITISHPETROLEUM|
