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European companies cut jobs as economy sputters – ETHRWorldME



(Adds Forvia, Societe Generale)

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 October:


AUTOLIV: the Swedish airbag and seatbelt maker on Oct. 30 said it would to lay off 320 employees in France as part of a plan to cut around 8,000 jobs.

BOSCH: the automotive supplier on Jan. 18 said it would cut 1,200 jobs in its software development division by end-2026. It also plans to cut up to 1,500 jobs at two German sites by 2025, it said in December.

CONTINENTAL: the automotive parts supplier said on Nov. 13 it would cut thousands of jobs in its automotive unit.

FORVIA: 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 drastically reduced hiring.

JOHNSON MATTHEY: the British autocatalyst maker said on Nov. 22 it would cut about 600 jobs in support functions.

MICHELIN: the French tyre maker on Nov. 28 said it would cease operations at three sites in Germany by end-2025, affecting 1,532 jobs.

POLESTAR: the Volvo Car and Geely-backed EV maker said on Jan. 26 it would cut around 450 jobs globally, or about 15% of workforce.

STELLANTIS: the carmaker said in January it would temporarily lay off 2,500 workers in Italy and cut 600 interim jobs at its Mulhouse plant in eastern France.

VOLKSWAGEN: the German automaker said on Oct. 27 it intends to cut 2,000 jobs at its software unit.


BANCO BPM: the Italian bank on Dec. 12 said it would lay off 1,600 employees, while pledging to hire 800 young people.

BARCLAYS: the lender slashed around 5,000 jobs in 2023, most of them in its support unit. In November, employee union Unite said Barclays was putting 900 jobs at risk of redundancy in Britain.

BNP PARIBAS BANK POLSKA: the Polish bank in December agreed with unions on layoffs of up to 800 employees in 2024-2026.

DEUTSCHE BANK: the German bank on Feb. 1 said it would cut 3,500 back office jobs, just under 4% of workforce.

LLOYDS: Britain’s biggest domestic bank is cutting around 1,600 roles across its branches, it said on Jan. 25.

METRO BANK: the British lender said on Nov. 30 it planned to lay off 20% of staff.

SOCIETE GENERALE: the French bank said on Feb. 5 it would cut about 900 jobs at its Paris headquarters through voluntary departures.


ALSTOM: the French train maker said on Nov. 15 it aimed to cut about 1,500 staff.

SANDVIK: the Swedish mining equipment maker said on Jan. 25 it plans to cut around 1,100 jobs.

TATA STEEL: the Dutch division of the Indian steel maker said on Nov. 13 it would cut around 800 jobs at its IJmuiden plant. On Jan. 19, Tata Steel said it would close two blast furnaces in Britain by end-2024, cutting up to 2,800 jobs.


ELECTROLUX: the Swedish home appliance maker on Oct. 27 said measures to reduce costs and simplify organisation would affect 3,000 jobs.

HUSQVARNA: the Swedish garden tools maker said on Oct. 20 it would cut about 300 positions, adding to the 1,000 job reduction plan announced in 2022.

H&M: the Swedish fashion retailer plans to close down more than a fifth of its stores and lay off as many as 588 workers in Spain, unions said on Jan. 26.


IG GROUP: the British online trading platform said on Oct. 31 it would cut 10% of its headcount.

NOKIA: the Finnish telecom gear group said on Oct. 19 it would cut up to 14,000 jobs.

SAP: the German software company said on Jan. 24 it would restructure 8,000 jobs in a push towards AI.

TELEFONICA: the telecom operator on Jan. 3 reached a deal with unions to lay off up to 3,421 employees in Spain by 2026.


A.P. MOELLER-MAERSK: the Danish shipping group said on Nov. 3 it would cut 10,000 jobs.

BAYER: 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.

CAPITA: the British outsourcing firm said on Nov. 21 it would cut about 900 jobs globally.

DELIVERY HERO: the takeaway food company said on Dec. 18 it would close tech hubs in Turkey and Taiwan and adjust headcount at its Berlin headquarters without specifying numbers. It cut the workforce of its headquarters and global service roles by around 13% in 2023.

LANXESS: the speciality chemicals maker said on Oct. 18 it planned to cut 870 jobs worldwide.

NESTE: the Finnish oil refiner and biofuel producer said on Nov. 1 it planned to shed 400 jobs globally.

ROLLS-ROYCE: the British airplane engine maker said on Oct. 17 it would cut up to 2,500 jobs.

SHELL: the oil major has begun cutting jobs beyond the previously announced 15% reduction in its low-carbon division, Bloomberg News reported on Dec. 21.

STORA ENSO: 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 , is to cut 1,000 jobs in 2024, sources familiar with the matter said on Jan. 30.

UNIVERSAL MUSIC GROUP: the record label said on Jan. 12 it will lay off some employees in 2024 without specifying a number.

Source: Regulatory filings, Reuters stories and company websites

(Compiled by Agata Rybska, Louise Breusch Rasmussen, Boleslaw Lasocki, Laura Lenkiewicz and Victor Goury-Laffont in Gdansk; editing by Jason Neely, Mark Potter and Milla Nissi)

  • Published On Feb 21, 2024 at 09:00 AM IST

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