Decades of high inflation and the far-reaching effects of the war in Ukraine have compelled businesses across Europe to take drastic measures such as lay-offs or hiring freezes. Below, we have listed some companies that have recently announced job cuts:
Autos:
1. Autoliv: On June 8, the Swedish airbag and seatbelt manufacturer unveiled plans to cut approximately 8,000 jobs, which equates to roughly 11 percent of the company’s direct and indirect positions.
2. Stellantis: In February, the carmaker reached an agreement with unions to reduce its Italian operations by up to 2,000 workers through voluntary redundancies.
3. Volvo: The Swedish group announced in March its intention to restructure its European bus-making operation, resulting in a reduction of 1,600 jobs.
4. Volvo Car: On May 4, the automaker declared an additional 1,300 layoffs in Sweden, amounting to 6 percent of its domestic workforce.
Food, Retail, and Consumer Goods:
1. Deliveroo: The British meal delivery company disclosed on February 9 that it would cut around 9 percent of its workforce, or 350 roles.
2. Fielmann: On March 3, the German glasses retailer announced its plan to slash hundreds of jobs by 2025.
3. Sainsbury’s: The British supermarket group revealed on February 28 its intentions to consolidate five existing Sainsbury’s and Argos general merchandise depots into three, resulting in the closure of two depots by 2026. This move will impact 1,400 workers.
4. Zalando: The German online fashion retailer declared on February 21 that it would implement job cuts across the company.
Industrial and Engineering:
1. British Steel: In February, the Chinese-owned company unveiled potential job cuts of up to 260 positions following the planned closure of its coke ovens in northern England.
2. Kone: On January 26, the Finnish elevator maker announced its intention to reduce headcount by 1,000, including 150 in Finland.
3. SSAB: The Swedish steel maker initiated furlough talks on June 16, involving 850 of its 4,700 employees in Finland due to weak demand in the construction sector.
Tech:
1. BT: On May 18, Britain’s largest broadband and mobile provider revealed plans to reduce its workforce by up to 55,000 jobs by the end of the decade, aiming to become a leaner business.
2. Ericsson: As part of its cost-cutting strategy, the telecom equipment maker will lay off 8,500 employees worldwide, according to a memo seen by Reuters.
3. Logitech: Bloomberg News reported on March 22 that the computer accessories manufacturer will be laying off approximately 300 people in a global reorganization.
4. Nokia: On May 3, the Finnish telecom equipment maker announced its intentions to cut up to 208 jobs in Finland.
5. Philips: In response to falling sales and a massive recall of its respiratory machines, the Dutch medical equipment maker stated on January 30 that it would eliminate 6,000 jobs.
6. SAP: The German software company announced on January 26 its plans to shed 3,000 jobs, equivalent to 2.5 percent of its global workforce, in order to cut costs and prioritize its cloud business.
7. Telecom Italia: Sources revealed in March that the group is seeking to cut up to 2,000 jobs in Italy through a voluntary early retirement scheme.
8. Vodafone: On June 15, the British telecoms group reached an agreement with unions to cut 1,003 jobs in Italy as part of its cost-cutting efforts. In May, Vodafone also announced its plan to cut 11,000 jobs globally over three years, expecting a 1.5 billion euro drop in 2023 free cash flow.
Others:
1. BASF: On February 24, the German chemicals maker disclosed its intention to cut 2,600 jobs in order to bolster competitiveness due to rising costs.
2. Deutsche Bank: Germany’s largest bank announced on April 27 that it would cut 800 jobs as part of its ongoing efforts to reduce costs by an additional 500 million euros in the coming years.
3. Evonik: On April 3, the German specialty chemicals producer stated its plan to cut 200 jobs as part of a restructuring effort within its pet food unit.
4. Grifols: In a strategic overhaul aimed at achieving annual savings of around 400 million euros, the Spanish pharmaceutical firm announced on February 15 that it would lay off approximately 2,300 employees, equating to 8.5 percent of its global workforce.
5. Standard Chartered: According to Bloomberg News on June 7, the British bank has commenced layoffs in its London, Singapore, and Hong Kong offices, with the total reduction potentially exceeding 100 positions.
6. Stora Enso: The Finnish forestry firm disclosed on June 15 that it will cut 1,150 jobs after deciding to shut down some pulp production plants in Finland, Poland, Estonia, and the Netherlands.
7. Taylor Wimpey: On January 13, the British housebuilder announced its consideration of job cuts as a measure to control costs, without specifying the exact number.
Please note that the information provided is sourced from regulatory filings, Reuters stories, and company websites.
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