Exxon halts contributions to employee retirement plan

REUTERS | Exxon Mobil Corp (XOM.N) is suspending the company’s contribution to the U.S. employee retirement savings plan beginning in October, the company confirmed on Wednesday.

Employees blasted the decision by the largest U.S. oil company, which last week vowed to deepen cost cuts after posting back-to-back quarterly losses for the first time in its history.

It has already cut outlays on big projects by 30% and operating expenses by at least $1 billion. A review of operations and staffing identified “significant potential” for additional savings, executives said last week.

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