European companies cut jobs as economy sputters

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

STELLANTIS: 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.

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 February 23, it added it would cut 3,500 jobs in its home appliance division.

CONTINENTAL: The automotive parts supplier announced on February 14 further plans to cut staff, by reducing research and development staffing in its automotive division by 1,750 jobs by end-2025.

FORVIA: The French car parts maker said on February 19 it would cut up to 10,000 jobs in Europe by 2028 mainly through natural attrition and reduced hiring.

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

VOLVO: 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: The British bank is preparing to cut hundreds of investment bank jobs, sources familiar with the matter told Reuters on March 20.

DEUTSCHE BANK: The German bank said on February 1 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 January 25.

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

INDUSTRIALS AND ENGINEERING

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

NIBE INDUSTIER: The Swedish heating solutions maker has cut 340 positions in Sweden, it said on March 18.

TATA STEEL: The Dutch division of the Indian steel maker said on January 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: The Finnish engineering group is in talks to lay off around 130 personnel, it said on February 15.

RETAIL AND CONSUMER GOODS

BARRY CALLEBAUT: The Swiss chocolate maker told media on February 26 it is preparing to cut around 2,500 jobs.

H&M: 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 January 26.

SAINSBURY: Britain’s second-biggest grocer said on February 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: The consumer goods group announced a new cost savings programme on March 19 that would cut 7,500 jobs.

TECH

TELEFONICA: The telecoms operator reached a deal with unions on January 3 to lay off up to 3,421 employees in Spain by 2026.

ERICSSON: The Swedish telecoms equipment supplier said on March 25 it was planning to reduce about 1,200 positions in Sweden.

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

TELENOR: The telecoms group said on April 3 its Norwegian unit would lay off around 100 employees and cut down on temporary staff.

VODAFONE: Vodafone Germany said on March 26 that its transformation programme would affect some 2,000 jobs.

OTHER

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

SKY: The British media group, owned by US-based Comcast , is to cut 1,000 jobs in 2024, sources familiar with the matter said on January 30.

WORLDLINE: the French digital payments company will cut its workforce by around 8% globally, it said on February 7.

BOUYGUES IMMOBILIER: The real estate arm of Bouygues will cut 225 jobs at its property development unit in France, it said on April 8.

EVONIK: 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: 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: The Finnish oil refiner said on March 13 it would cut 320 positions in Finland and 70 outside of the country.

BAYER: The German drugmaker said on January 17 it had agreed with shop stewards on significant reduction in managerial jobs by end-2025 without specifying a number.

NOVATRIS: The Swiss pharmaceutical company is to cut up to 680 jobs in its development organisation, it said on April 9.

ROCHE: The Swiss drugmaker said on February 9 it was cutting jobs, but less than the 345 jobs reported by local website Muula.

STORA ENSO: The Finnish forestry firm said on February 1 it could lay off around 1,000 employees in 2024.

Source: Regulatory filings, Reuters stories and company websites

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