BP will slash over 5% of its global workforce as part of CEO Murray Auchincloss’ efforts to reduce costs and rebuild investor confidence after the energy giant was rocked by scandal, the company said Thursday.

Confirming the job losses, the FTSE 100 company said the reduction in its workforce was down to cost cutting measures.

U.K.-based oil company is cutting 4,700 jobs worldwide and a further 3,000 contractor roles as part of a cost-saving drive.