Petrobras Cuts Managers to Save $440 Million a Year in Rout

  • Deep-water producer reduces business divisions to six
  • Plans to cut non-operational management positions by 30%

Brazil’s state-controlled oil company is reducing management positions and streamlining operations to save 1.8 billion reais ($440 million) a year as it navigates the worst oil market in a generation and a sprawling corruption investigation.

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