FX.co ★ Shell weighs listing move from London to New York

Major oil and gas company Shell is considering quitting the London Stock Exchange and moving its primary stock listing to New York, The Telegraph reported.

Such a decision stems from concerns about investor apathy on the London Stock Exchange. According to the company management, Shell shares are undervalued. As of April, the energy giant has a market capitalization of $230 billion, while its rivals, Exxon Mobil and Chevron, are valued at $480 billion and $300 billion respectively.

Earlier, Shell announced massive layoffs. In an effort to reduce operating costs by $2 billion to $3 billion, the company eliminated at least 20% of jobs in its team responsible for making deals.