Enbridge to cut 530 jobs, 5% of total workforce

|About: Enbridge Inc. (ENB)|By:, SA News Editor

Enbridge (ENB +1.5%) says it is cutting 530 employees, representing ~5% of its total workforce, the latest in a wave of retrenchment in the hard-hit Canadian oil and gas sector.

ENB downplays assertions that the cuts are related to its recent $37B merger with Spectra Energy (SE +1.7%), saying the layoffs are part of a review earlier this year aimed at allowing the company to “achieve our strategy of growth and diversification.”

Of the cuts, 370 of which are from ENB's Canadian division and the other 160 are U.S. positions.