European Companies Cut Jobs as Economy Sputters

March 28, 2024, 03.20 AM  | Reporter: Syamsul Ashar
European Companies Cut Jobs as Economy Sputters

ILUSTRASI. The Euro sign by German artist Ottmar Hoerl is photographed after 'Caiz development' company announced its sponsorship for the conversation of the landmark in Frankfurt, Germany, September 27, 2022. REUTERS/Kai Pfaffenbach

ECONOMIC DIGEST - JAKARTA - 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 December:


* BOSCH: the automotive supplier on Jan. 18 said it would cut 1,200 jobs in its software development division by end-2026. On Feb. 23 it added it would cut 3,500 jobs in its home appliance division, BSH Hausgeraete. It also plans to cut up to 1,500 jobs at two German sites by 2025, it said in December.

* CONTINENTAL CONG.DE: the automotive parts supplier on Feb. 14 said it would reduce research and development staffing in its automotive division by 1,750 jobs by end-2025. It had flagged thousands of job cuts in the unit in November.

* 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 globally, or about 15% of the workforce.

* STELLANTIS STLAM.MI: labor unions said on March 26 the carmaker has reached voluntary deals to cut at least 2,500 jobs in Italy, as 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, a local daily reported on March 12, citing a company spokesperson.

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

* BARCLAYS BARC.L: the bank is preparing to cut hundreds of investment bank jobs, sources familiar with the matter told Reuters on March 20.

* BNP PARIBAS BANK POLSKA BNP1.WA: the Polish bank in December agreed with unions on layoffs of up to 800 employees in 2024-2026.

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

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* 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 Nov. 13.

* VALMET VALMT.HE: is in negotiations to lay off around 130 personnel, it said on Feb 15.


* BARRY CALLEBAUT BARN.S: the Swiss chocolate maker told the 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.

* UNILEVER ULVR.L: the consumer goods group announced on March 19 a new cost-savings program that would cut 7,500 jobs.


* ERICSSON ERICb.ST: the Swedish telecom firm said on March 25 it was planning a headcount reduction of 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 on Jan. 3 reached a deal with unions to lay off up to 3,421 employees in Spain by 2026.

* VODAFONE VOD.L: Vodafone Germany said on March 26 that its transformation program would affect some 2,000 jobs.

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* BAYER BAYGn.DE: the German drugmaker said on Jan. 17 it had agreed with shop stewards on the significant reduction in managerial jobs by end-2025 without specifying a number.

* DELIVERY HERO DHER.DE: 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.

* EVONIK EVKn.DE: the chemicals group announced on March 4 up to 2,000 job cuts 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. A 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.

* ROCHE ROG.S: the Swiss drugs company said on Feb. 9 it is cutting jobs, but less than the 345 jobs reported by the local website Muula.

* SHELL SHEL.L: 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 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

Editor: Syamsul Azhar

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