In recent months, Europe has faced a dire economic landscape characterized by soaring inflation and the ramifications of the conflict in Ukraine.
This challenging environment has forced numerous companies to take drastic measures, including layoffs and hiring freezes.
Here is a snapshot of some notable companies that have announced workforce reductions since April:
- AUTOLIV: On June 8, the Swedish airbag and seatbelt manufacturer, AUTOLIV, disclosed its plan to eliminate approximately 8,000 jobs.
- CONTINENTAL (CONG.DE): In May, the automotive parts supplier, Continental, revealed its intention to phase out business operations at its Gifhorn plant by the end of 2027, initially affecting 450 out of 900 jobs.
- STELLANTIS (STLAM.MI): On June 28, the carmaker STELLANTIS announced the closure of its mechanical gearbox plant in Austria, impacting 300 jobs.
- VOLVO CAR (VOLCARb.ST): In May, Volvo Car unveiled the addition of 1,300 layoffs in Sweden, equivalent to 6% of its workforce in the country.
FOOD, RETAIL, AND CONSUMER GOODS
- ANHEUSER-BUSCH INBEV (ABI.BR): In July, the Dutch brewer, Anheuser-Busch InBev, made headlines by announcing the layoff of hundreds of corporate staff in the U.S.
- CARREFOUR (CARR.PA): The French retailer, Carrefour, declared on June 26 that it might cut up to 979 jobs in France voluntarily.
- HALEON (HLN.L): Sensodyne toothpaste-maker Haleon is in the process of reducing hundreds of jobs in Britain and worldwide, as reported by The Guardian on July 13.
- FISKARS (FSKRS.HE): In September, Finnish gardening tools maker Fiskars disclosed plans to reduce around 400 jobs to simplify its organizational structure.
- HUSQVARNA (HUSQb.ST): In October, the Swedish garden equipment and tools maker, Husqvarna, announced the cutting of about 300 positions, adding to the 1,000 jobs reduction plan announced in October 2022.
- WILCO: Administrators overseeing the British homeware and household goods discount retailer, Wilco, intend to lay off over 1,300 people at the collapsed chain, as per PwC’s announcement on September 5.
INDUSTRIALS AND ENGINEERING
- MARSHALLS (MSLH.L): On July 31, the British building and roofing products supplier, Marshalls, declared plans to cut 250 jobs.
- NOLATO: In August, Swedish manufacturer of polymer product systems, Nolato, confirmed layoffs of up to 500 employees in China.
- SSAB (SSABa.ST): The Swedish steel maker, SSAB, stated it would furlough workers at two plants in Finland, impacting about 800 employees, with the exact number of layoffs contingent on demand and local circumstances.
- VARTA (VAR1.DE): The German battery maker, Varta, revealed on June 30 that it would cut 88 jobs through a voluntary program.
- BT (BT.L): Britain’s largest broadband provider, BT, announced in May its intention to reduce its total workforce by up to 55,000 jobs by 2030.
- DORMAKABA (DOKA.S): Swiss security group Dormakaba disclosed on July 3 that it expects to reduce its full-time equivalent positions by around 800.
- NOKIA (NOKIA.HE): Finnish telecom gear group Nokia announced on October 19 its plans to cut up to 14,000 jobs as part of a new cost-saving initiative following a 20% drop in third-quarter sales.
- VIRGIN MEDIA: The British mobile operator, Virgin Media, is planning to lay off 2,000 employees, as reported by The Telegraph on July 24.
- VODAFONE (VOD.L): In June, British telecoms group Vodafone reached an agreement with unions over 1,003 job cuts in Italy and 11,000 jobs globally over three years.
- AIR LIQUIDE (AIRP.PA): On July 5, industrial gases firm Air Liquide revealed potential reductions in its French workforce by 430 net positions.
- BNP PARIBAS (BNP1.WA): The Polish bank, BNP Paribas, stated on October 16 that it would lay off up to 900 people in 2024-2026.
- DEUTSCHE BANK (DBKGn.DE): In June, Deutsche Bank initiated plans to cut 10% of its 17,000 German retail jobs in the next few years, in addition to the previously announced 800 job cuts.
- EVONIK (EVKn.DE): On April 3, speciality chemicals producer Evonik announced the cutting of 200 jobs.
- KPMG: The accounting firm, KPMG, shared its intention on October 17 to cut approximately 100 jobs in its deal advisory business in the UK.
- KOJAMO (KOJAMO.HE): In August, Finnish real estate firm Kojamo launched a savings plan leading to temporary layoffs of up to 70 employees and the termination of employment of up to 20 people.
- LANXESS (LXSG.DE): On October 18, speciality chemicals maker Lanxess revealed plans to cut 870 jobs worldwide, citing weak business conditions in the country’s chemicals sector.
- PROSIEBENSAT (PSMGn.DE): German media group ProSiebenSat.1 Media announced on July 18 that it would cut 400 full-time jobs.
- ROLLS-ROYCE (RR.L): On October 17, British airplane engine maker Rolls-Royce disclosed plans to cut up to 2,500 jobs as its new CEO seeks to build a more efficient business.
- STANDARD CHARTERED (STAN.L): British bank Standard Chartered initiated layoffs in its London, Singapore, and Hong Kong offices, with the total reduction possibly exceeding 100 positions, as reported by Bloomberg News on June 7.
- STORA ENSO (STERV.HE): On June 15, Finnish forestry firm Stora Enso announced its plans to cut 1,150 jobs.
- UBS (UBSG.S): The largest Swiss bank, UBS, revealed on August 31 that it would axe 3,000 jobs in Switzerland following its takeover of Credit Suisse.
- UPM-KYMMENE (UPM.HE): On July 25, Finnish forestry firm UPM-Kymmene disclosed its plan to close its Plattling mill in Germany, putting 401 jobs at risk.
- VIAPLAY (VPLAYb.ST): On July 20, the Swedish media group Viaplay announced job cuts affecting more than a fourth of its staff.
These workforce reductions, spanning various industries, reflect the challenging economic climate faced by companies across Europe in recent times.