European Job Cuts Amid Economic Challenges

(Reuters) – Difficult economic conditions, exacerbated by U.S. President Donald Trump’s tariffs, and persistently weak demand for many products have forced companies across Europe to freeze hiring or cut jobs.

Recently Announced Layoffs

Car and Car Parts Makers

• BOSCH: The German car parts maker will cut up to 1,100 jobs by 2029 as sales drop amid a rapidly worsening auto market, a senior company official said on July 22.
• 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, in addition to the previously announced 5,000 job cuts in Germany.
• STELLANTIS: The automaker expanded its voluntary redundancy scheme for Italy, bringing the total planned workforce reduction to almost 2,500 in 2025, the company said on June 10.
• VOLKSWAGEN: The German carmaker’s CFO said on April 30 it had cut headcount in Germany by around 7,000 since starting cost savings in late 2023.
• VOLVO: The Swedish truck maker’s spokesperson said in April it planned to lay off as many as 800 workers at three U.S. facilities over the next three months.
• VOLVO CARS: The Swedish carmaker will cut 3,000 mostly white-collar jobs as part of a wider restructuring amid high costs, a slowdown in EV demand, and uncertainty over trade tariffs, it said on May 26. Volvo Cars also mentioned on May 7 it would cut 5% of the workforce at its factory in South Carolina due to changing market conditions and evolving trade policies.

Banks

• COMMERZBANK: The German bank said on May 14 it had agreed to cut around 3,900 jobs by 2028, part of a strategy to meet ambitious profit targets.
• HSBC: The lender plans to cut 348 jobs in France through a voluntary redundancy scheme, amounting to about 10% of its workforce in the country, it said on May 14.
• LLOYDS: The British bank will consider dismissing about half of 3,000 staff deemed underperformers to cut costs, a source familiar with the matter told Reuters on September 4.
• UBS: Switzerland’s largest bank informed unions in Italy on April 1 of plans to cut 180 jobs in the country, approximately a third of its workforce there, documents reviewed by Reuters indicated.

Energy

• OMV: The Austrian oil and gas company plans to cut 2,000 positions, representing a twelfth of its global workforce, reported the Kurier newspaper on September 4.
• UNIPER: The state-owned utility said on July 3 it will cut 400 jobs, or around 5%, of its staff in a challenging energy market environment.

Industrials and Engineering

• STMICROELECTRONICS: The French-Italian chipmaker’s CEO projected that 5,000 staff would leave the company over the next three years, including 2,800 job cuts planned for 2025.
• SYENSQO: The Belgian chemicals maker is expediting restructuring measures, including cutting about 200 jobs, due to demand uncertainty arising from global economic turmoil, it stated on May 15.

Retail and Consumer Goods

• AUCHAN: The French supermarket chain will cut 710 jobs and close 25 stores in Spain, it announced on May 8.
• BURBERRY: The British luxury brand plans to shed 1,700 jobs or around a fifth of its global workforce to cut costs and help revive its performance, the company disclosed on May 14.
• JUST EAT TAKEAWAY: The food delivery company’s German unit, Lieferando, intends to cut 2,000 jobs by end-2025 to optimize its delivery service model, the company stated on July 17.
• LVMH: Financial Times reported on May 1, citing an internal video, that the luxury group’s wine and spirits unit Moet Hennessy would cut approximately 1,200 employees.

Others

• PROSIEBENSAT.1: The German media group will eliminate 430 full-time positions as part of its digital transformation, it stated on May 7.

Sources: Regulatory filings, Reuters reporting, and company websites.

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