Oil giant BP is to cut about 4,700 staff, more than 5% of its total workforce, as part of its plans to cut costs. The British firm, which has a global workforce of about 90,000 people, confirmed the job losses on Thursday,

CEO Murray Auchincloss told staff on Thursday that the company is cutting 4,700 positions internally and 3,000 contractor roles,

British energy giant BP on Thursday said it would axe 4,700 staff jobs -- about five percent of its workforce -- and was cutting thousands of contractor roles to reduce costs.