BP cuts nearly 5,000 jobs in wake of ex-CEO Bernard Looney scandal

1. BP will cut over 5% of its workforce to reduce costs. 2. 4,700 employees and 3,000 contractors will be laid off this year. 3. CEO Murray Auchincloss aims to cut $2 billion by 2026. 4. BP's market cap is $84.58 billion, less than Shell's now. 5. Previous CEO Bernard Looney's scandal led to significant leadership changes.