UPDATE 1-U.S. oil company workers make big, bad retirement bet: their own stock [Reuters (UK)]
Exxon Mobil Corporation (XOM)
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Source: Reuters
U.S. oil company workers make big, bad retirement bet: their own stock - Reuters 5 Min Read BOSTON (Reuters) - 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 issue is most pronounced at big blue-chip corporations that have historically matched worker retirement contributions in shares and whose stocks have track records of stable growth. “A lot of people think their company’s stock is safer than an index fund,” said David Blanchett, head of retirement research at Morningstar Inc. The biggest U.S. oil producers by market cap - Exxon Mobil Corp ( XOM.N ), Chevron ( CVX.N ), ConocoPhillips ( COP
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