Shell warns of job cuts as profits fall 70% | Business

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Photograph: Robin Utrecht/EPA</p> </div> <p><strong></strong><strong></p><p></strong><a href="http://web.archive.org/web/20090802184527/http://www.guardian.co.uk/business/royaldutchshell">Royal Dutch Shell</a> boss Peter Voser has warned of a "massive" restructuring that would lead to substantial job cuts as the <a href="http://web.archive.org/web/20090802184527/http://www.guardian.co.uk/business/oil">oil</a> group battled with the steepest decline in demand for energy since 1980.</p><p><a href="http://web.archive.org/web/20090802184527/http://www.guardian.co.uk/business/interactive/2008/sep/18/oilprice" title="tumbling oil prices"></a>Reporting a 70% fall in quarterly profits, the Anglo-Dutch oil company said it was "not banking on a quick recovery" and that the outlook remained challenging despite the recent increase in oil prices. At around $63 a barrel, it is still way below last summer's record high of $147 a barrel.</p><p>The company also said it might freeze its dividend payout, reflecting the low inflationary environment. Shell had earlier cheered investors by announcing it would pay a second-quarter dividend of $0.42 a share, up 5% from last year.</p><p>Voser, who took over from Jeroen van der Veer as chief executive at the beginning of the month, swiftly embarked on a big shakeup, starting at the top. He has removed 150 executives in the past three weeks, a 20% reduction in top management. Shell needs to become more efficient, said Voser, adding that "substantial" further staff cuts were likely by the end of the year, though he declined to give specific numbers. The group employs 102,000 people in more than 100 countries, including 8,500 in Britain. "We simply have too many people doing business with each other and not the outside world."</p><p>Shell's earnings, measured on a current cost of supplies basis, plunged to $2.3bn (£1.4bn) in the second quarter, from $7.9bn a year ago. Sales fell to $63.9bn from $131.4bn. However, stripping out one-off items, the figures beat City forecasts.</p><p>In America, Exxon, the world's largest publicly traded oil company, reported a 66% drop in quarterly profit on the back of falling demand. The Houston-based firm said second-quarter net income was $3.95bn, down from $11.68bn a year earlier.</p><p>Shell has slashed operating costs by $700m in the first half of the year, making cost savings in areas including finance and human resources. It said it would cut capital spending next year to $28bn, from an estimated $31bn in the current year. The company said it was also reducing its exploration activity to conserve cash as part of a "general belt tightening".</p><p>Voser gave a grim assessment of the market: "Our second-quarter results were affected by the weak global economy. Energy demand is weak. There is excess capacity and industry costs remain high. We are not banking on a quick recovery."</p><p>The company is continuing to invest $300m a year in biofuels, Voser said, while other renewable projects were focusing on solar, carbon capture and storage and wind farms in the US. He said the company was still at the learning stage on wind and had no current plans to build any more farms.<a href="http://web.archive.org/web/20090802184527/http://www.guardian.co.uk/business/2009/jul/28/bp-profits-cheaper-oil" title="BP reported on Tuesday that profits more than halved"></a></p> </div> </div> <div id="related"> <ul id="article-toolbox-side"> <li class="printable"><a href="http://web.archive.org/web/20090802184527/http://www.guardian.co.uk/business/2009/jul/30/shell-profits-job-cuts-likely/print" rel="nofollow" id="printlink" class="printable rollover" title="Link to a printer-friendly version" name="&lid={pageToolbox}{Printer-friendly version}&lpos={pageToolbox}{1}"><img src="http://web.archive.org/web/20090802184527im_/http://static.guim.co.uk/static/77051/common/images/icon_print.gif" alt="Print this" class="trail-icon"/><span>Printable version</span></a></li> <li><a class="rollover sendlink" 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class="section"> <h1>Shell warns of job cuts as profits fall 70%</h1> This article was first published on <a href="http://web.archive.org/web/20090802184527/http://www.guardian.co.uk/" name="&lid={historyByline}{guardian.co.uk}&lpos={historyByline}{3}">guardian.co.uk</a> at 17.38 BST on Thursday 30 July 2009. 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rate</th> <td></td> </tr> </thead> <tbody> <tr> <th scope="row" class="finance-row">First Direct</th> <td>2.98%</td> <td id="1.moreInfo"> <a href="http://web.archive.org/web/20090802184527/http://guardian.lcplc-online.co.uk/BestBuy.aspx?GUProdID=3667&Type=F" name="&lid={compareAndBuyPromo}{First Direct|link|Business}&lpos={compareAndBuyPromo}{1}"> More </a> </td> </tr> <tr> <th scope="row" class="finance-row">Yorkshire BS</th> <td>3.99%</td> <td id="2.moreInfo"> <a href="http://web.archive.org/web/20090802184527/http://guardian.lcplc-online.co.uk/BestBuy.aspx?GUProdID=3350&Type=F" name="&lid={compareAndBuyPromo}{Yorkshire BS|link|Business}&lpos={compareAndBuyPromo}{2}"> More </a> </td> </tr> <tr> <th scope="row" class="finance-row">First Direct</th> <td>2.98%</td> <td id="3.moreInfo"> <a href="http://web.archive.org/web/20090802184527/http://guardian.lcplc-online.co.uk/BestBuy.aspx?GUProdID=3667&Type=V" name="&lid={compareAndBuyPromo}{First Direct|link|Business}&lpos={compareAndBuyPromo}{3}"> More </a> </td> </tr> </tbody> </table> </div> <ul> <li class="link info"> <a href="http://web.archive.org/web/20090802184527/http://guardian.lcplc-online.co.uk/bestbuy.aspx" name="&lid={compareAndBuyPromo}{See more mortgage best buys|link|Business}&lpos={compareAndBuyPromo}{4}"> See more mortgage best buys </a> </li> <li class="link bullet"> <a href="http://web.archive.org/web/20090802184527/http://guardian.lcplc-online.co.uk/Wizard1.aspx" name="&lid={compareAndBuyPromo}{Get a personal quote|link|Business}&lpos={compareAndBuyPromo}{5}"> Get a personal quote </a> </li> </ul> </div> <div id="finance-pane-1" class="finance-pane"> <div class="finance-table"> <table id="credit-card-table"> <col class="title"/> <col class="rate"/> <col class="more-info"/> <thead> <tr> <th scope="col">Name</th> <th scope="col">BT Rate</th> <th scope="col">BT Period</th> <th scope="col"></th> </tr> </thead> <tbody> <tr> <th scope="row" class="finance-row">Virgin Credit Card</th> <td>0%</td> <td>16 mths</td> <td id="1.moreInfo"> <a href="http://web.archive.org/web/20090802184527/http://www.moneysupermarket.com/CardsP/DoIQualifyExternal.asp?CardID=671&ProviderID=790&Source=GU07&BestBuy=1&Url=http://ad.uk.doubleclick.net/clk;207240094;29508258;g?http://uk.virginmoney.com/credit-cards/?source=MSP-AGG-50562-55903~amp~targetURL=/virgin/credit-cards-v7&CatID=163" name="&lid={compareAndBuyPromo}{Virgin Credit Card|link|Business}&lpos={compareAndBuyPromo}{6}"> More </a> </td> </tr> <tr> <th scope="row" class="finance-row">NatWest Platinum</th> <td>0%</td> <td>15 mths</td> <td id="2.moreInfo"> <a href="http://web.archive.org/web/20090802184527/http://www.moneysupermarket.com/CardsP/DoIQualifyExternal.asp?CardID=1224&ProviderID=352&Source=GU07&BestBuy=1&Url=http://clk.atdmt.com/NAT/go/136621154/direct/01/&CatID=163" name="&lid={compareAndBuyPromo}{NatWest Platinum|link|Business}&lpos={compareAndBuyPromo}{7}"> More </a> </td> </tr> <tr> <th scope="row" class="finance-row">MBNA Platinum</th> <td>0%</td> <td>Until 01/09/2010</td> <td id="3.moreInfo"> <a href="http://web.archive.org/web/20090802184527/http://www.moneysupermarket.com/CardsP/DoIQualifyExternal.asp?CardID=1300&ProviderID=553&Source=GU07&BestBuy=1&Url=http://ad.uk.doubleclick.net/clk;215283360;37415498;k&CatID=163" name="&lid={compareAndBuyPromo}{MBNA Platinum|link|Business}&lpos={compareAndBuyPromo}{8}"> More </a> </td> </tr> </tbody> </table> </div> <ul> <li class="link info"> <a href="http://web.archive.org/web/20090802184527/http://www.moneysupermarket.com/link.asp?Source=GU07&Section=cardsbestbuys" name="&lid={compareAndBuyPromo}{See more credit cards best buys|link|Business}&lpos={compareAndBuyPromo}{9}"> See more credit cards best buys </a> </li> <li class="link bullet"> <a href="http://web.archive.org/web/20090802184527/http://www.moneysupermarket.com/link.asp?Source=GU07&Section=cards" name="&lid={compareAndBuyPromo}{Compare over 300 credit cards|link|Business}&lpos={compareAndBuyPromo}{10}"> Compare over 300 credit cards </a> </li> </ul> </div> <div id="finance-pane-2" class="finance-pane"> <div class="finance-table"> <table id="loan-table"> <col class="title"/> <col class="rate"/> <col class="more-info"/> <thead> <tr> <th scope="col">Provider</th> <th scope="col">Typical APR</th> <th scope="col"></th> </tr> </thead> <tbody> <tr> <th scope="row" class="finance-row">Sainsbury's Personal Loan</th> <td>7.9%</td> <td id="1.moreInfo"> <a href="http://web.archive.org/web/20090802184527/http://www.moneysupermarket.com/loansp/LoansExternalDb_new.asp?LoansId=1562&BestBuy=1&Source=GU07&Url=http://www.sainsburysbank.co.uk/borrowing/micro/bor_loans_ms_apply.shtml?source=NETMSBBDLOANMSIT0001" name="&lid={compareAndBuyPromo}{Sainsburys Personal Loan|link|Business}&lpos={compareAndBuyPromo}{11}"> More </a> </td> </tr> </tbody> </table> </div> <ul> <li class="link info"> <a href="http://web.archive.org/web/20090802184527/http://www.moneysupermarket.com/link.asp?Source=GU07&Section=loansbestbuys" name="&lid={compareAndBuyPromo}{See more loan best buys|link|Business}&lpos={compareAndBuyPromo}{12}"> See more loan best buys </a> </li> <li class="link bullet"> <a href="http://web.archive.org/web/20090802184527/http://www.moneysupermarket.com/link.asp?Source=GU07&Section=loans" name="&lid={compareAndBuyPromo}{Compare over 500 loan providers|link|Business}&lpos={compareAndBuyPromo}{13}"> Compare over 500 loan providers </a> </li> </ul> </div> </div> </div> <div class="capsule commercial"> <h3>Free finance guides</h3> <div class="services first"><a href="http://web.archive.org/web/20090802184527/http://www.dianomioffers.co.uk/partner/guardian/brochures.epl" name="&lid={financialServicesBrochures}{View all brochures}&lpos={financialServicesBrochures}{1}"><img src="http://web.archive.org/web/20090802184527im_/http://static.guim.co.uk/sys-images/Money/Consumer/financialservicesbrochures/2008/10/29/SIPPS.gif" alt="View all brochures" height="78" width="130"/></a></div> <ul class="services"> <li><a href="http://web.archive.org/web/20090802184527/http://www.moneyguides.co.uk/partner/guardian/brochures.epl?partner=117&smartreferer=http%3A%2F%2Fwww%2Eogenterprises%2Eco%2Euk%2Findex%2Ehtml&offer=6839" name="&lid={financialServicesBrochures}{Recession investing}&lpos={trail}{2}">Recession investing</a></li> <li><a href="http://web.archive.org/web/20090802184527/http://www.onlinetradingservices.co.uk/partner/guardian/brochures.epl?partner=117&smartreferer=http%3A%2F%2Fwww%2Eogenterprises%2Eco%2Euk%2Findex%2Ehtml&offer=1909" name="&lid={financialServicesBrochures}{Online trading}&lpos={trail}{3}">Online trading</a></li> <li><a href="http://web.archive.org/web/20090802184527/http://www.savingforretirement.co.uk/partner/guardian/brochures.epl?partner=117&smartreferer=http%3A%2F%2Fwww%2Eogenterprises%2Eco%2Euk%2Findex%2Ehtml&offer=1916" name="&lid={financialServicesBrochures}{Pensions &amp; annuities}&lpos={trail}{4}">Pensions & annuities</a></li> </ul> <ul class="sublinks"> <li><a href="http://web.archive.org/web/20090802184527/http://www.dianomioffers.co.uk/partner/guardian/brochures.epl" name="&lid={financialServicesBrochures}{View all brochures}&lpos={financialServicesBrochures}{5}">View all brochures</a></li> </ul> </div> <div class="capsule bookshop-books sponsored-features commercial"> <h3>Free P&P at the Guardian bookshop</h3> <ul class="books"> <li class="odd"> <div class="book-cover"> <a href="http://web.archive.org/web/20090802184527/http://www.guardianbookshop.co.uk/BerteShopWeb/viewProduct.do?ISBN=9780224077880" name="&lid={bookshop}{Empire Stops Here|picture|Business}&lpos={bookshop}{1}"> <img src="http://web.archive.org/web/20090802184527im_/http://static.guim.co.uk//thirdparty/bookshop/hbA/9780224077880.jpg" alt="Empire Stops Here" height="100"/> </a> </div> <div class="book-text"> <ul> <li><a href="http://web.archive.org/web/20090802184527/http://www.guardianbookshop.co.uk/BerteShopWeb/viewProduct.do?ISBN=9780224077880" name="&lid={bookshop}{Empire Stops Here|link|Business}&lpos={bookshop}{2}">Empire Stops Here</a></li> <li class="book-price">£25.00 with free UK delivery</li> </ul> </div> </li> <li> <div class="book-cover"> <a href="http://web.archive.org/web/20090802184527/http://www.guardianbookshop.co.uk/BerteShopWeb/viewProduct.do?ISBN=9781847673824" name="&lid={bookshop}{This is How|picture|Business}&lpos={bookshop}{3}"> <img src="http://web.archive.org/web/20090802184527im_/http://static.guim.co.uk//thirdparty/bookshop/hbA/9781847673824.jpg" alt="This is How" height="100"/> </a> </div> <div class="book-text"> <ul> <li><a href="http://web.archive.org/web/20090802184527/http://www.guardianbookshop.co.uk/BerteShopWeb/viewProduct.do?ISBN=9781847673824" name="&lid={bookshop}{This is How|link|Business}&lpos={bookshop}{4}">This is How</a></li> <li class="book-price">£12.99 with free UK delivery</li> </ul> </div> </li> </ul> <ul class="vertical-links"> <li> <a href="http://web.archive.org/web/20090802184527/http://www.guardianbookshop.co.uk/BerteShopWeb/showSubCategories.do?categoryCode=511" name="&lid={bookshop}{Browse more business and law books}&lpos={trail}{5}" style="display: inline;">Browse more business and law books</a> </li> <li> <a href="http://web.archive.org/web/20090802184527/http://www.guardian.co.uk/buybooks" name="&lid={bookshop}{Buy books}&lpos={trail}{6}" style="display: inline;">Buy books from the Guardian Bookshop</a> </li> </ul> </div> <div id="sponsored-features" class="capsule sponsored-features commercial"> <script type="text/javascript"> //<![CDATA[ function showSponsoredFeatures() { var sponsoredFeatureComponent = document.getElementById('sponsored-features'); if(sponsoredFeatureComponent) { sponsoredFeatureComponent.style.display = 'block'; } } //]]> </script> <ul class="trail trailblock tri"> <li class="major-heading"> <h3>Sponsored features</h3> </li> <li class="normal image odd"> <script type="text/javascript" src="http://web.archive.org/web/20090802184527js_/http://ads.guardian.co.uk/js.ng/spacedesc=sponsoredfeature1&comfolder=creditcrunch&keywords=%2CShell%2B%28business%29%2COil%2Band%2Bgas%2Bcompanies%2B%28Business%29%2COil%2B%28business%29%2CBusiness%2CJob%2Blosses%2B%28Business%29%2CUK%2Bnews%2C&site=Business&bandwidth=broadband&url=%252Fbusiness%252F2009%252Fjul%252F30%252Fshell-profits-job-cuts-likely&rand=523492961&system=article&blockVideoAds=false"></script> </li> <li class="normal image"> <script type="text/javascript" src="http://web.archive.org/web/20090802184527js_/http://ads.guardian.co.uk/js.ng/spacedesc=sponsoredfeature2&comfolder=creditcrunch&keywords=%2CShell%2B%28business%29%2COil%2Band%2Bgas%2Bcompanies%2B%28Business%29%2COil%2B%28business%29%2CBusiness%2CJob%2Blosses%2B%28Business%29%2CUK%2Bnews%2C&site=Business&bandwidth=broadband&url=%252Fbusiness%252F2009%252Fjul%252F30%252Fshell-profits-job-cuts-likely&rand=-2144906208&system=article&blockVideoAds=false"></script> </li> </ul> </div> <div id="global-jobs" class="capsule jobsbox"> <h3><a href="http://web.archive.org/web/20090802184527/http://jobs.guardian.co.uk/?gusrc=gu_jobs_box_Business&link=Business_jbx_logo" name="&lid={rules/jobsBox}{Guardian Jobs}&lpos={rules/jobsBox}{1}"><img src="http://web.archive.org/web/20090802184527im_/http://static.guim.co.uk/static/77051/common/images/guardianjobs.gif" alt="Guardian Jobs"/></a></h3> <ul class="tab-toggle javascript-on"> <li id="global-jobs-1-link"> <a href="#global-jobs-1" class="active">UK<b></b></a> </li> <li id="global-jobs-2-link"> <a href="#global-jobs-2" class="inactive">USA<b></b></a> </li> </ul> <div class="pane-wrapper"> <div id="global-jobs-1" class="global-jobs-pane tab-toggle-pane"> <h3 class="js-hider">UK</h3> <div class="capsule jobsbox"> <form action="http://web.archive.org/web/20090802184527/http://jobs.guardian.co.uk/searchjobs/" onsubmit="return doSearchAllSubmitUK( this );"> <fieldset> <input type="text" class="text plain-search" id="freetext-searchalljobs" name="freetext" value="Search all senior executive jobs" onfocus="this.value='';"/> <input type="hidden" name="csr" value="business"/> <input type="hidden" name="keyword" id="keyword-searchalljobs" value=""/> <input type="submit" class="submit" name="go" value="Go"/> <input type="hidden" name="gusrc" value="gu_jobs_box_Business"/> <input type="hidden" name="link" value="Business_jbx_go"/> <input type="hidden" name="industry" value="277"/> </fieldset> </form> <p class="find-a-job"> <a href="http://web.archive.org/web/20090802184527/http://jobs.guardian.co.uk/jobs/senior-executive?gusrc=gu_jobs_box_Business&link=Business_jbx_brsesec" name="&lid={jobsBox}{Browse senior executive jobs}&lpos={jobsBox}{1}">Browse senior executive jobs</a> </p> <ul class="jobs"> <li class="odd"><h4> <a href="http://web.archive.org/web/20090802184527/http://jobs.guardian.co.uk/job/885632/senior-research-fellow?RSSSearch=0&gusrc=gu_jobs_box_Business&link=Business_jbx_vac" name="&lid={jobsBox}{Senior Research Fellow|Business}&lpos={jobsBox}{2}">Senior Research Fellow</a></h4> <p><span class="employer">university of bristol.</span> <span class="location">bristol.</span> <span class="wage">£46,278 - £52,086.</span> </p> </li> <li><h4> <a href="http://web.archive.org/web/20090802184527/http://jobs.guardian.co.uk/job/888382/director-of-communications?RSSSearch=0&gusrc=gu_jobs_box_Business&link=Business_jbx_vac" name="&lid={jobsBox}{Director of Communications|Business}&lpos={jobsBox}{3}">Director of Communications</a></h4> <p><span class="employer">parliamentary and health service ombudsman.</span> <span class="location">you will develop our communications strategy and b….</span> <span class="wage">C£80k - more may be available for an exceptional candidate.</span> </p> </li> <li class="odd"><h4> <a href="http://web.archive.org/web/20090802184527/http://jobs.guardian.co.uk/job/888742/head-of-safeguarding-policy-and-quality-assurance-devons-childrens-trust?RSSSearch=0&gusrc=gu_jobs_box_Business&link=Business_jbx_vac" name="&lid={jobsBox}{Head of Safeguarding, Policy and Quality Assurance&hellip;|Business}&lpos={jobsBox}{4}">Head of Safeguarding, Policy and Quality Assurance…</a></h4> <p><span class="employer">devon county council.</span> <span class="location">exeter, devon.</span> <span class="wage">£57,007-£62,692.</span> </p> </li> </ul> <script type="text/javascript"> //<![CDATA[ function doSearchAllSubmitUK( form ) { var jobsSectionToSearch = 'business'; var freeText = 'senior executive'; var searchTextField = document.getElementById( 'freetext-searchalljobs' ); var keywordElem = document.getElementById( 'keyword-searchalljobs' ); var isSectionSearch = function() { return jobsSectionToSearch != ''; } var textIsModified = function() { if( isSectionSearch() ) { return ( searchTextField.value != 'Search all ' + freeText + ' jobs' ); } return ( searchTextField.value != 'Search all jobs' ); } if( !textIsModified() ) { keywordElem.value = ''; if( isSectionSearch() ) { form.action = 'http://web.archive.org/web/20090802184527/http://jobs.guardian.co.uk/jobs/business'; return true; } form.action = 'http://web.archive.org/web/20090802184527/http://jobs.guardian.co.uk/'; return true; } keywordElem.value = searchTextField.value; if (isExternalSystemOn("hbx")) { _hbLink( '{jobsbox-searchalljobs}', '{jobsbox-searchalljobs}{1}' ); } return true; } //]]> </script> </div> </div> <div id="global-jobs-2" class="global-jobs-pane tab-toggle-pane initially-off"> <h3 class="js-hider">USA</h3> <div class="capsule jobsbox"> <form action="http://web.archive.org/web/20090802184527/http://www.guardianjobs.com/" onsubmit="return doSearchAllSubmitUSA( this );"> <fieldset> <input type="text" class="text plain-search" id="freetext-searchalljobs" name="q" value="Search all senior executive jobs" onfocus="this.value='';"/> <input type="hidden" name="csr" value="business"/> <input type="hidden" name="keyword" id="keyword-searchalljobs" value=""/> <input type="submit" class="submit" name="go" value="Go"/> <input type="hidden" name="gusrc" value="gu_jobs_box_Business"/> <input type="hidden" name="link" value="Business_jbx_go"/> <input type="hidden" name="industry" value="277"/> </fieldset> </form> <p class="find-a-job"> <a href="http://web.archive.org/web/20090802184527/http://jobs.guardian.co.uk/jobs/senior-executive?gusrc=gu_jobs_box_Business&link=Business_jbx_brsesec" name="&lid={jobsBox}{Browse senior executive jobs}&lpos={jobsBox}{1}">Browse senior executive jobs</a> </p> <textarea id="jobs-box-usa-textarea" style="display:none;"> {for result in results} <li> <h4> <a href="${result.url}">${result.jobtitle}</a> </h4> <p> <span class="description">${ result.snippet }</span> <span class="location">${ result.state }</span> </p> </li> {/for} </textarea> <script type="text/javascript"> //<![CDATA[ var userip = '67.202.59.141'; var country = 'usa'; var isUSA = (country.toLowerCase() == 'usa') ? true : false; var jobsBoxView = new guardian.r2.JobsBoxView('jobs-box-usa', 'jobs-box-usa-textarea'); var jobsBoxService = new guardian.r2.JobsBoxService('%22Finance%22', userip); /* category, location */ var jobsBoxController = new guardian.r2.JobsBoxController(jobsBoxView, jobsBoxService, isUSA); //view, service, locationIsUSA //]]> </script> <ul id="jobs-box-usa" class="jobs"> <li class="javascript-on">Loading jobs...</li> </ul> <p class="attribution javascript-on"><a href="http://web.archive.org/web/20090802184527/http://www.indeed.com/">jobs</a> by <a title="Job Search" href="http://web.archive.org/web/20090802184527/http://www.indeed.com/"><img alt="Indeed job search" src="http://web.archive.org/web/20090802184527im_/http://static.guim.co.uk/static/77051/common/images/icon_usjobs.gif" width="54" height="19"/></a></p> <script type="text/javascript"> //<![CDATA[ function doSearchAllSubmitUSA( form ) { var jobsSectionToSearch = 'business'; var freeText = 'senior executive'; var searchTextField = document.getElementById( 'freetext-searchalljobs' ); var keywordElem = document.getElementById( 'keyword-searchalljobs' ); var isSectionSearch = function() { return jobsSectionToSearch != ''; } var textIsModified = function() { if( isSectionSearch() ) { return ( searchTextField.value != 'Search all ' + freeText + ' jobs' ); } return ( searchTextField.value != 'Search all jobs' ); } if( !textIsModified() ) { keywordElem.value = ''; if( isSectionSearch() ) { 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Shell warns of job cuts as profits fall 70% | Business | guardian.co.uk