Report: Petrobras set to cut staff by 15% via voluntary layoff program

|About: Petrobras - Petroleo Brasil... (PBR)|By:, SA News Editor

Petrobras (NYSE:PBR) +8.2% premarket following news it plans to cut 15% of its staff through a voluntary layoff program to be announced by mid-year, Reuters reports, citing newspaper o Estado de S.Paulo.

PBR expects to lay off up to 12K workers with the program as part of efforts to reduce costs, according to the local report.

The voluntary layoff program is expected to be announced along with the company's business plan for 2016-20; PBR reportedly already was expected to cut capital spending by 20% in the period.

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