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Shell to shut Glasgow finance hub

By Ben Woods

Around 380 jobs are at risk after Royal Dutch Shell said it would shut its Glasgow operation in response to the low oil price.

Shell's finance operation will close in the city by the first three months of 2018 as the company looks to cut costs in the face of a 50% drop in Brent crude prices from their peak in June 2014. Shell, which employs 12,000 people globally, said it would relocate some positions to its other international centres but the number had not been decided.

A spokesman said Shell was taking "difficult choices" in order to "remain competitive".

He said that the move was driven by "increasing pressures on our business to reduce cost and generate cash". 

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