U.S. oil company workers made a big, bad retirement bet: their own stock
Employees at the largest U.S.
oil companies have lost around $5 billion in retirement savings
since the end of 2018 because of outsized bets on their own
slumping stock, according to a Reuters analysis of company
disclosures, a trend exacerbated by the recent crash in oil
prices.
The losses spread across the 401(k) plans of some 66,000
workers underscore the dangers facing employees that do not
diversify their retirement investments. The
oil companies have lost around $5 billion in retirement savings
since the end of 2018 because of outsized bets on their own
slumping stock, according to a Reuters analysis of company
disclosures, a trend exacerbated by the recent crash in oil
prices.
The losses spread across the 401(k) plans of some 66,000
workers underscore the dangers facing employees that do not
diversify their retirement investments. The
Posted by Reuters
