LONDON (Reuters) - BP announced on Thursday that it will cut around 4,700 staff, or over 5% of its total workforce, as part of CEO Murray Auchincloss' efforts to reduce costs.

BP told staff that 3,000 contractor positions will also be cut, according to a statement to Reuters. The cuts were announced in an internal memo seen by Reuters earlier on Thursday.

(Reporting by Ron Bousso; editing by Jason Neely)