BP chief Tony Hayward 'negotiating exit deal'

BP's chief executive Tony Hayward has been negotiating the terms of his exit, with a formal announcement likely within 24 hours, the BBC has learned.

BP is due to release its results for the second quarter on Tuesday. It is expected to reveal a provision of up to $30bn (£19bn) for the costs of the clean-up, compensation claims and fines to be paid, resulting in a massive quarterly loss. It has also lost 40% of its market capitalisation.