Amid soaring inflation and the ongoing impact of the war in Ukraine, European companies cut jobs and freeze hiring in response to the economic strain.
Automotive Industry
- Bosch: In January, Bosch announced plans to cut 1,200 jobs in its software development division by the end of 2026, adding a further 3,500 job cuts in its home appliance division in February.
- Continental: The automotive parts supplier disclosed on February 14 that it would reduce its research and development staff by 1,750 jobs by the end of 2025.
- Forvia: The French car parts manufacturer revealed on February 19 that it would eliminate up to 10,000 jobs across Europe by 2028, primarily through natural attrition.
- Polestar: The Volvo-backed EV maker announced on January 26 that it would cut around 450 jobs globally, representing about 15% of its workforce.
- Stellantis: On March 27, Stellantis signed a deal that could see over 3,000 roles cut in Italy, with additional reductions ongoing in the U.S. and France.
- Volvo: The Swedish truck maker plans to cut 250 jobs at its Gothenburg plant, according to reports on March 12.
Banking Sector
- Barclays: The British bank is reportedly set to cut hundreds of investment banking jobs, according to sources on March 20.
- Deutsche Bank: On February 1, Deutsche Bank announced plans to reduce 3,500 back office positions, nearly 4% of its workforce.
- Lloyds: The UK’s largest domestic bank disclosed on January 25 that it would cut approximately 1,600 roles across its branches.
- Société Générale: The French bank revealed on February 5 that it would cut about 900 jobs at its Paris headquarters through voluntary departures.
Industrials and Engineering
- Nibe Industrier: On March 18, the Swedish heating solutions maker announced it had cut 340 positions in Sweden.
- Sandvik: The Swedish mining equipment manufacturer revealed on January 25 that it would eliminate around 1,100 jobs.
- Tata Steel: The Dutch division of Tata Steel announced on January 19 that it would close two blast furnaces in the UK by the end of 2024, leading to up to 2,800 job losses.
- Valmet: The Finnish engineering group entered discussions on February 15 to lay off around 130 employees.
Retail and Consumer Goods
- Barry Callebaut: The Swiss chocolate manufacturer announced on February 26 that it plans to cut around 2,500 jobs.
- H&M: On January 26, the Swedish fashion retailer announced plans to close over 20% of its stores and lay off 588 workers in Spain.
- Sainsbury: The UK’s second largest grocer revealed on February 29 that it intends to cut approximately 1,500 jobs.
- Ted Baker: On April 8, the retailer announced the closure of 15 stores in the UK, resulting in nearly 250 job losses.
- Unilever: The consumer goods giant unveiled a new costsaving program on March 19, which will result in 7,500 job cuts.
Technology Sector
- Ericsson: On March 25, the Swedish telecom equipment supplier announced plans to reduce about 1,200 positions in Sweden.
- SAP: The German software company disclosed on January 24 that it would restructure 8,000 jobs as it pivots towards artificial intelligence.
- Telefónica: The telecom operator reached an agreement with unions on January 3 to lay off up to 3,421 employees in Spain by 2026.
- Telenor: On April 3, the telecom group announced plans to lay off around 100 employees in its Norwegian unit and reduce its reliance on temporary staff.
- Vodafone Germany: Vodafone revealed on March 26 that its transformation program would result in 2,000 job losses.
Other Sectors
- Bayer: On January 17, Bayer announced an agreement to significantly reduce managerial positions by the end of 2025, without specifying numbers.
- Bouygues Immobilier: On April 8, Bouygues announced plans to cut 225 jobs at its property development unit in France.
- Evonik: The German chemicals group revealed on March 4 that it would reduce its workforce by up to 2,000 jobs worldwide by 2026.
- Fidelity: The fund manager is planning to cut around 1,000 jobs globally in 2024, according to an internal memo confirmed on March 6.
- Kuehne+Nagel: The Swiss logistics group announced on March 1 that it is laying off less than 2% of its staff and is currently on a hiring freeze.
- Neste: The Finnish oil refiner stated on March 13 that it would cut 320 positions in Finland and 70 outside the country.
- Novartis: The Swiss pharmaceutical company announced on April 9 that it would reduce up to 680 jobs in its development organization.
- Roche: The Swiss drugmaker revealed on February 9 that it would cut jobs, though fewer than the 345 reported by local media.
- Stora Enso: The Finnish forestry firm announced on February 1 that it could lay off around 1,000 employees in 2024.
- Sky: The British media group, owned by Comcast, is reportedly set to cut 1,000 jobs in 2024, according to sources on January 30.
- Universal Music Group: The record label announced on January 12 that it would lay off an unspecified number of employees in 2024.
- Worldline: The French digital payments company announced on February 7 that it would reduce its global workforce by around 8%.
These layoffs highlight the severe economic pressures confronting European companies as they grapple with soaring costs and ongoing geopolitical turmoil.
