European companies cut jobs amidst difficult economy, weak demand

Companies across Europe are being forced to freeze hiring or cut jobs on difficult economy and persistent weak demand for many products

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

Here are some of the layoffs announced since the start of August:

  Banks

• DNB: The Norwegian lender said in September it would cut the equivalent of 500 full-time jobs over the next six months, as it prepares for lower interest rates and tougher competition ahead.
• Santander: The Spanish bank said in October it would cut more than 1,400 jobs in its British business.
• Unicredit: The Italian bank has signed an agreement with labour unions that included 1,000 voluntary redundancies and 500 new jobs, Italy's banking union Fabi said on Oct 17.

Car and Car parts makers

• Michelin: The French tyre maker will shut down two sites in Western France, affecting about 1,250 jobs, it said on Nov 5.
• Schaeffler: The German machine and car parts maker, hit by weak demand from auto and industrial clients, said on Nov. 5 it planned to cut 4,700 jobs.

Industrials and Engineering

• Northvolt: The Swedish battery maker said in September it planned to lay off 1,600 employees in Sweden.

Retail and Consumer Goods

 

• Auchan: The French supermarket group said on Nov 5 it planned to cut more than 2,000 jobs amid falling traffic in its stores.
• Husqvarna: The Swedish garden equipment maker said in October it would cut around 400 jobs, hit by constrained consumer spending. 

Telecoms

• Telia: The Swedish telecom operator is looking to cut around 3,000 jobs in 2024, it said in September.

Others

 

• Airbus: The aerospace group said on Oct. 16 it would cut up to 2,500 jobs in its Defence and Space division by mid-2026.
• Equinor: The Norwegian oil, gas and renewable energy producer is cutting 20 per cent of the staff from its renewable energy division, it told Reuters on Nov. 21.
• Infineon: The German chipmaker will cut 1,400 jobs worldwide and relocate further 1,400 positions to countries with lower labour costs, its CEO said in August.
• Lufthansa: The German flag carrier aims to gradually reduce jobs in administration by 20 per cent, the Manager Magazin reported on Nov 14.
• Mondi: The British packaging maker said in October it would shut down a paper mill in Bulgaria after it was damaged by a fire, affecting around 300 positions.
• SMA Solar: The German solar power parts supplier said on Nov 13 it planned to cut up to 1,100 jobs worldwide.
• SHELL: The energy giant plans to scale back its oil and gas exploration and development workforce by 20 per cent, company sources told Reuters in August. A Shell spokesman would not comment on the reduction figures.
• Syensqo: The Belgian chemicals maker said on Nov 5 it would cut 300-350 jobs primarily in France, the US, Belgium and Italy.
• Tamedia: The Swiss media firm, part of the TX Group, said in August it would close two printing works and lay off almost 300 staff.
• UPM: The Finnish forestry group may cut up to 110 jobs in its Fibres Finland business, it said on Oct 8. In August, it announced mill closures in Germany, affecting 338 jobs, and the closing of its biocomposites business, affecting 59 jobs in Finland and Germany.
• YARA: The Norwegian fertiliser maker said on Oct 15 that planned production changes at its Tertre plant in Belgium, including the closing of its ammonia unit, could result in a dismissal of around 115 workers.

 

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