Economic Layoffs in Europe

(Reuters) – Difficult economic conditions and persistently weak demand for many products have forced companies across Europe to freeze hiring or cut jobs.

Layoffs Announced Since March

Car and Car Parts Makers

• Porsche: Plans to cut 2,000 jobs, in addition to the earlier announced 1,900, with negotiations for further cuts starting in 2025 (March 12).
• Renault: Will cut 300 jobs at its Sandouville van factory due to declining demand for commercial vehicles (March 11).
• Stellantis: Announced temporary layoffs of 900 workers across five U.S. facilities (April 3); also signed a deal for 350 job cuts in southern Italy as part of a long-term production plan (April 2).
• Volkswagen: Plans to lay off 1,600 staff in its Cariad software unit by end of 2025 (March 11); Audi expects to cut 7,500 jobs in Germany by 2029.
• Volvo: Aims to lay off up to 800 workers at three U.S. facilities due to market uncertainty (April 18).

Banks

• Deutsche Bank: Will cut nearly 2,000 retail bank positions by 2025, significantly reducing branch numbers (March 19).
• Santander UK: Fresh branch closures could result in around 750 job losses (March 19).
• UBS: Plans to cut 180 jobs in Italy, about one-third of its total there (April 1).

Industrials and Engineering

• Siemens: Will cut 5,600 jobs in its Digital Industries sector due to weak markets (March 18).
• ThyssenKrupp: Plans around 1,800 job cuts due to a prolonged downturn in the car sector (March 6).

Retail and Consumer Goods

• Morrisons: Approximately 365 jobs could be lost from cuts in store operations (March 24).
• Nestlé: To divest two factories in Germany affecting 225 jobs (March 20).
• Puma: Announces 500 global job cuts as part of a cost-reduction initiative (March 12).

Others

• BioNTech: Plans to cut between 950 and 1,350 full-time positions by 2027 (March 10).
• DHL: Plans to cut about 8,000 jobs in Germany to save over 1 billion euros ($1.15 billion) (March 6).
• UPM: To close a paper mill in Germany impacting 462 jobs (March 11).

Source: Regulatory filings, Reuters articles, and company websites

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