European Companies Cut Jobs In Response To Slowing Economy
Several have frozen hiring or cut jobs this year, citing difficult economic conditions exacerbated by U.S. tariffs.
Several European companies have frozen hiring or cut jobs this year, citing difficult economic conditions exacerbated by U.S. tariffs.
Here are some of the companies that announced layoffs, according to a Reuters report quoting regulatory filings and company websites.
CAR AND CAR PARTS MAKERS
* BOSCH: The German home appliance manufacturer will cut 13,000 jobs, it said on September 25.
* CONTINENTAL: The German tire maker plans to cut 1,500 additional jobs at its ContiTech rubber and plastics division, a works council source said on November 24, on top of the 10,000 job cuts announced group-wide in restructuring efforts.
* DAIMLER TRUCK: The truckmaker confirmed media reports on August 1 that it would cut 2,000 jobs across its plants in the U.S. and Mexico, on top of the previously announced 5,000 job cuts in Germany.
* MAN: The German truckmaker plans to cut around 2,300 jobs over the next decade, a spokesperson said on November 20.
* RENAULT: The French carmaker confirmed on October 4 it was planning cost cuts but said it had no figures to report yet, after a newsletter reported it would cut 3,000 jobs by year-end in support services at its headquarters and other locations worldwide.
* STELLANTIS: The automaker expanded its voluntary redundancy scheme for Italy, bringing the total planned workforce reduction to almost 2,500 in 2025, it said on June 10.
* VOLKSWAGEN: The company’s CFO said on April 30 it had cut headcount in Germany by around 7,000 since starting cost savings in late 2023.
* VOLVO CARS: The Swedish carmaker will cut 3,000 mostly white-collar jobs as part of a wider restructuring, it said on May 26.
BANKS
* COMMERZBANK: The German bank said on May 14 it had agreed on terms to cut around 3,900 jobs by 2028.
* LLOYDS: The British bank will consider the dismissal of around half of 3,000 staff to cut costs, a source familiar with the matter told Reuters on September 4.
* ABN AMRO: The Dutch bank plans to cut 5,200 jobs by 2028, it said on November 25.
ENERGY
* OMV: The Austrian oil and gas company plans to cut 2,000 positions, or a twelfth of its global workforce, the Kurier newspaper reported on September 4.
The former video producer took part in a bring-your-own-food protest on the steps of Parliament.
INDUSTRIALS AND ENGINEERING
* SIKA: The Swiss industrial and construction chemicals maker said on October 24 it would cut up to 1,500 jobs in persistently weak markets such as China.
* STMICROELECTRONICS: The French-Italian chipmaker’s CEO said on June 4 that he expected 5,000 staff to leave the company in the next three years, including 2,800 job cuts announced in 2025.
CONSUMER GOODS
* BURBERRY: The British luxury brand will shed 1,700 jobs or around a fifth of its global workforce, it said on May 14.
* LVMH: The Financial Times reported on May 1 that the luxury group’s wine and spirits unit Moet Hennessy would cut its workforce by about 1,200 employees.
* NESTLE: The group will cut 16,000 jobs, or 5.8% of its staff, it said on October 16.
OTHERS
*JUST EAT TAKEAWAY: The food delivery company’s German unit Lieferando plans to cut 2,000 jobs from end-2025, the company said on July 17.
* LUFTHANSA: The German airline group said on September 28 it would cut 4,000 administrative jobs by 2030.
* KUEHNE+NAGEL: The Swiss freight forwarder will target 1,500 jobs under a cost-cutting programme to combat margin pressures and overcapacity, it said on October 23.
* NOVO NORDISK: The Danish pharmaceutical company will cut 9,000 jobs globally, it said on September 10.
* ORSTED: The Danish wind power group said on October 9 it would cut around 2,000 jobs by the end of 2027, a quarter of its workforce.
* TELEFONICA: The Spanish telecoms company will cut 5,040 jobs in Spain, affecting up to around 20% of its staff in the country, trade union UGT said on November 24.
