The highest inflation for decades and the impact of the war in Ukraine have forced companies across Europe into layoffs or hiring freezes.
Here are some cuts announced since the start of 2024:
AUTOS
- BOSCH: the automotive supplier said in January it would cut 1,200 jobs in its software development division by end-2026, after already flagging cuts in Germany. On Feb. 23, it added it would cut 3,500 jobs in its home appliance division.
- CONTINENTAL CONG.DE: the automotive parts supplier announced on Feb. 14 further plans to cut staff, by reducing research and development staffing in its automotive division by 1,750 jobs by end-2025.
- FORVIA FRVIA.PA: the French car parts maker said on Feb. 19 it would cut up to 10,000 jobs in Europe by 2028 mainly through natural attrition and reduced hiring.
- POLESTAR: the Volvo Car VOLCARb.ST and Geely-backed EV maker said on Jan. 26 it would cut around 450 jobs, or about 15% of workforce, globally.
- STELLANTIS STLAM.MI: the automaker signed a deal on March 27 to could cut more than 3,000 roles in Italy. It has also been trimming jobs in the U.S. and France.
- VOLVO VOLVb.ST: the Swedish truck maker plans to cut 250 jobs at its Tuve plant in Gothenburg, local daily reported on March 12, citing a company spokesperson.
BANKS
- BARCLAYS BARC.L: the British bank is preparing to cut hundreds of investment bank jobs, sources familiar with the matter told Reuters on March 20.
- DEUTSCHE BANK DBKGn.DE: the German bank said on Feb. 1 it would cut 3,500 back office jobs, just under 4% of workforce.
- LLOYDS LLOY.L: Britain’s biggest domestic bank is cutting around 1,600 roles across its branches, it said on Jan. 25.
- SOCIETE GENERALE SOGN.PA: the French bank said on Feb. 5 it would cut about 900 jobs at its Paris headquarters through voluntary departures.
INDUSTRIALS AND ENGINEERING
- NIBE INDUSTIER NIBEb.ST: the Swedish heating solutions maker has cut 340 positions in Sweden, it said on March 18.
- SANDVIK SAND.ST: the Swedish mining equipment maker said on Jan. 25 it plans to cut around 1,100 jobs.
- TATA STEEL TISC.NS: the Dutch division of the Indian steel maker said on Jan. 19 it would close two blast furnaces in Britain by end-2024, cutting up to 2,800 jobs, a second layoff announcement since November.
- VALMET VALMT.HE: the Finnish engineering group is in talks to lay off around 130 personnel, it said on Feb. 15.
RETAIL AND CONSUMER GOODS
- BARRY CALLEBAUT BARN.S: the Swiss chocolate maker told media on Feb. 26 it is preparing to cut around 2,500 jobs.
- H&M HMb.ST: the Swedish fashion retailer plans to close down more than a fifth of its stores and lay off 588 workers in Spain, unions said on Jan. 26.
- SAINSBURY SBRY.L: Britain’s second-biggest grocer said on Feb. 29 it plans to cut about 1,500 roles.
- TED BAKER: the retailer said on April 8 it would close 15 stores in Britain, leading to a loss of nearly 250 jobs.
- UNILEVER ULVR.L: the consumer goods group announced a new cost savings programme on March 19 that would cut 7,500 jobs.
TECH
- ERICSSON ERICb.ST: the Swedish telecoms equipment supplier said on March 25 it was planning to reduce about 1,200 positions in Sweden.
- SAP SAPG.DE: the German software company said on Jan. 24 it would restructure 8,000 jobs in a push towards AI.
- TELEFONICA TEF.MC: the telecoms operator reached a deal with unions on Jan. 3 to lay off up to 3,421 employees in Spain by 2026.
- TELENOR TEL.OL: the telecoms group said on April 3 its Norwegian unit would lay off around 100 employees and cut down on temporary staff.
- VODAFONE VOD.L: Vodafone Germany said on March 26 that its transformation programme would affect some 2,000 jobs.
OTHER
- BAYER BAYGn.DE: the German drugmaker said on Jan. 17 it had agreed with shop stewards on significant reduction in managerial jobs by end-2025 without specifying a number.
- BOUYGUES IMMOBILIER: the real estate arm of Bouygues BOUY.PA will cut 225 jobs at its property development unit in France, it said on April 8.
- EVONIK EVKn.DE: the German chemicals group said on March 4 up to 2,000 jobs worldwide by 2026.
- FIDELITY: the fund manager plans to cut around 1,000 jobs globally in 2024, according to an internal memo seen by Reuters. Company spokesperson confirmed the contents of the memo on March 6.
- KUEHNE+NAGEL KNIN.S: the Swiss logistics group said on March 1 it is laying off less than 2% of its staff and is currently on a hiring freeze.
- NESTE NESTE.HE: the Finnish oil refiner said on March 13 it would cut 320 positions in Finland and 70 outside of the country.
- NOVATRIS NOVN.S: the Swiss pharmaceutical company is to cut up to 680 jobs in its development organisation, it said on April 9.
- ROCHE ROG.S: the Swiss drugmaker said on Feb. 9 it was cutting jobs, but less than the 345 jobs reported by local website Muula.
- STORA ENSO STERV.HE: the Finnish forestry firm said on Feb. 1 it could lay off around 1,000 employees in 2024.
- SKY: the British media group, owned by U.S.-based Comcast CMCSA.O, is to cut 1,000 jobs in 2024, sources familiar with the matter said on Jan. 30.
- UNIVERSAL MUSIC GROUP UMG.AS: the record label said on Jan. 12 it will lay off some employees in 2024 without specifying a number.
- WORLDLINE WLN.PA: the French digital payments company will cut its workforce by around 8% globally, it said on Feb 7.
Source: Regulatory filings, Reuters stories and company websites
(Reuters)
