XOM - ExxonMobil Trading Staff Opposes London Relocation Plan | Benzinga
Exxon Mobil Corporation's (NYSE: XOM) trading staff rallied outside its Brussels office last week, protesting against the relocation of the trading floor to London, per a Bloomberg report.
Approximately 50 employees voiced their concerns over hundreds of job reductions that have occurred over the past three years. Among them, about a fifth are trading floor personnel who face potential job losses if they decline relocation, according to union representatives. The protest highlighted the stakes for approximately 37 trading jobs that are at risk.
Earlier this year, ExxonMobil urged its Belgian traders to relocate to the U.K. as part of a broader initiative to consolidate trading operations under a new global division. While the company frames this move as an expansion in trading activities, employees remain skeptical, citing dissatisfaction with the terms offered.
Hans Christiaens, the permanent secretary for BBTK, a Belgian socialist trade union, stressed the importance of the protest, highlighting the necessity for people to grasp that the current situation is unsustainable.
Despite the mounting discontent, ExxonMobil maintains its stance, asserting compliance with workplace laws ...