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    Friday, March 1, 2024

    Exxon to Cut Trader Salaries in Latest Overhaul to Pay Structure

    U.S. energy major Exxon Mobil said on Thursday that trader salaries would be adjusted based on benchmarking and will include performance bonuses at the end of the year and long-term incentives as compensation.

    Individual compensation outcomes will vary depending on company results, global trading, and individual performance, Exxon said.

    Exxon launched a major push into trading in 2019, but pulled back in 2020 as the COVID-19 pandemic crushed energy demand. It rebooted and restructured the operation last year under a new chief.

    The trading unit helped the company beat fourth-quarter profit estimates earlier this month.

    "The company plans to offer competitive salaries, informed by benchmarking," Exxon said in a statement.

    Earlier in the day, Bloomberg News had reported that the energy firm informed traders in the U.S. and Europe this month that base salaries would be cut to better align with industry standards.

    Under the new compensation structure shared internally this month, the bonuses are the only way to offset salary cuts for some traders, the report added.

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