Challenging economic conditions and persistently low demand for many goods have forced companies across Europe to freeze hiring or begin layoffs, Report informs via Reuters.
Norwegian lender DNB announced it will cut 500 jobs over the next six months, preparing for lower interest rates and tougher competition. Spain’s Santander bank reported laying off over 1,400 employees in its UK division, while UniCredit signed an agreement with unions for 1,000 voluntary redundancies and hiring 500 new workers.
Bosch, the world’s largest auto parts supplier, plans to cut 3,500 jobs by the end of 2027 in its computer solutions division. French tire maker Michelin will close two plants in western France, affecting about 1,250 employees. German auto parts maker Schaeffler, hit by weak demand from automotive and industrial clients, announced plans to cut 4,700 jobs and close two plants in Austria and Britain.
Automaker Stellantis intends to close its Vauxhall van plant in southern England, threatening over 1,000 jobs. French auto parts supplier Valeo plans to cut around 1,000 jobs in Europe, including closing two sites in France.
Swedish battery maker Northvolt announced plans to lay off 1,600 employees in Sweden. The steel division of German conglomerate Thyssenkrupp said it aims to cut 5,000 jobs by 2030 and another 6,000 through asset sales.
French supermarket chain Auchan plans to cut over 2,000 jobs amid falling traffic in its stores. Swedish garden equipment maker Husqvarna, hit by constrained consumer spending, announced laying off about 400 employees. Swedish telecom operator Telia plans to cut around 3,000 jobs in 2024.
Aerospace group Airbus reported plans to lay off up to 2,500 employees in its Defence and Space division by mid-2026. Norwegian oil, gas, and renewable energy producer Equinor is cutting 20% of staff in its renewables unit.
Swiss pharmaceutical firm Idorsia announced laying off up to 270 employees as part of a restructuring. German airline Lufthansa plans to gradually reduce administrative staff by 20%. British packaging maker Mondi will close a paper mill in Bulgaria hit by a fire, affecting about 300 jobs.
German solar energy components supplier SMA Solar reported plans to cut up to 1,100 jobs worldwide. Belgian chemicals maker Syensqo will lay off 300-350 employees, mainly in France, the US, Belgium, and Italy.
Finnish forestry group UPM will close a plant in Germany, affecting 154 jobs, and may also cut up to 110 jobs in its Fibres Finland unit. Norwegian fertilizer maker Yara announced that planned production changes at its Tertre plant in Belgium, including shutting an ammonia unit, could lead to about 115 job losses.
