Mobil Swings The Ax Again
MORE JOB CUTS IN THE OIL industry: Mobil Oil, the nation's second-largest oil company, plans to slash 9% of its workforce, or 4,700 employees worldwide, by the second quarter of 1996. The company will take a $300 million charge in the second quarter as a result of the restructuring. Lucio Noto, Mobil's chairman, expects a $1.05 billion annual savings starting in 1996 from the downsizing, primarily of support staff in the U.S. and overseas. Before the current cuts, Mobil already had slashed 10,100 jobs, or 17% of its workforce, since 1991.