Factbox – European companies cut jobs as economic downturn By Reuters

adminMarch 28, 2024

(Reuters) – The highest inflation in decades and the impact of the war in Ukraine have forced companies across Europe to lay off workers or freeze hiring.

Here are some of the cuts announced since December:

automobile

* BOSCH: On January 18, the automotive supplier said it would cut 1,200 jobs from its software development division by the end of 2026. On February 23, it added that it would lay off 3,500 employees at its home appliance division BSH Hausgeraete. In addition, the company announced last December that it plans to cut up to 1,500 jobs at two German plants by 2025.

* CONTINENTAL: The auto parts supplier said on February 14 that it would cut its research and development workforce in the automotive sector by 1,750 people by the end of 2025. Thousands of job cuts were announced in the department in November.

* FORVIA: The French auto parts maker said on February 19 that it would cut up to 10,000 jobs in Europe by 2028, mainly through natural attrition and reduced hiring.

* POLESTAR: Volvo (OTC:) Automobile and the Geely-backed EV maker said on Jan. 26 it would cut about 450 jobs globally, or about 15% of its workforce.

* STELLANTIS: The deal signed on March 27 means the company could cut a total of more than 3,000 jobs in Italy, as it has also cut jobs in the US and France.

* VOLVO: The Swedish truck manufacturer plans to cut 250 jobs at its Tuve plant in Gothenburg, a local daily reported on March 12, citing a company spokesperson.

bank

* BANCO BPM: The Italian bank announced on December 12 that it would lay off 1,600 employees and hire 800 young people.

* BARCLAYS: Banks are preparing to lay off hundreds of investment banking staff, sources familiar with the matter told Reuters on March 20.

* BNP PARIBAS BANK POLSKA: In December, the Polish bank agreed with unions to lay off up to 800 employees between 2024 and 2026.

* DEUTSCHE BANK: The German bank said on February 1 that it would cut 3,500 back-office jobs, just under 4% of its workforce.

* LLOYDS: Britain’s largest domestic bank said on January 25 that it would cut around 1,600 jobs across its branches.

* SOCIETE GENERALE: The French bank said on February 5 that it would lay off about 900 employees at its Paris headquarters through voluntary resignations.

Industry and Engineering

* NIBE INDUSTIER: The Swedish heating solutions manufacturer said on March 18 that it had laid off 340 employees in Sweden.

* SANDVIK: The Swedish mining equipment manufacturer said on January 25 that it plans to lay off about 1,100 employees.

* TATA STEEL: The Dutch unit of the Indian steelmaker said on January 19 it would close two blast furnaces in the UK by the end of 2024 and cut up to 2,800 jobs. This is the second layoff announcement since November 13.

* VALMET: The company said on February 15 that it was negotiating to lay off about 130 employees.

Retail and Consumer Goods

* BARRY CALLEBAUT: The Swiss chocolate maker told media on February 26 that it was preparing to lay off about 2,500 employees.

* H&M (ST:): The Swedish fashion retailer plans to close more than a fifth of its stores in Spain and lay off 588 employees, its union said on January 26.

* SAINSBURY: Britain’s second-largest grocer said on February 29 it plans to lay off around 1,500 staff.

* UNILEVER: The consumer goods group announced a new cost-cutting program on March 19 that will see it cut 7,500 jobs.

technology

* ERICSSON: The Swedish telecommunications company said on March 25 that it plans to cut around 1,200 jobs in Sweden.

* SAP: The German software company said Jan. 24 it would restructure 8,000 jobs to drive AI.

* TELEFONICA: The telecom operator on January 3 agreed with unions to lay off up to 3,421 employees in Spain by 2026.

* VODAFONE: Vodafone (NASDAQ:) Germany said on March 26 that its transformation program will impact about 2,000 jobs.

different

* BAYER: The German pharmaceutical company said on January 17 that it had reached an agreement with factory workers to significantly reduce management positions by the end of 2025, without specifying a number.

* DELIVERY HERO: The takeaway food company said on December 18 it would close its tech hubs in Turkey and Taiwan and adjust staff levels at its Berlin headquarters, without specifying the number.

* EVONIK: The chemicals group announced on March 4 up to 2,000 job cuts globally by 2026.

* Fidelity: The fund manager plans to cut about 1,000 jobs globally in 2024, according to an internal memo seen by Reuters. A company spokesperson confirmed the contents of the memo on March 6.

* KUEHNE+NAGEL: The Swiss logistics group said on March 1 it was laying off less than 2% of its staff and is currently freezing hiring.

* NESTE: The Finnish oil refiner said on March 13 that it would cut 320 jobs in Finland and 70 jobs abroad.

* ROCHE: The Swiss pharmaceutical company said on February 9 it was cutting jobs, but fewer than the 345 jobs reported by local website Muula.

* SHELL: The oil major has begun job cuts beyond the previously announced 15% cut in its low-carbon division, Bloomberg News reported on December 21.

* STORA ENSO: The Finnish forestry company said on February 1 that it could lay off around 1,000 employees in 2024.

* SKY: The British media group owned by US-based Comcast (NASDAQ:) plans to lay off 1,000 employees in 2024, sources familiar with the matter said on January 30.

* UNIVERSAL MUSIC GROUP: The record label said Jan. 12 that it would lay off some employees in 2024, without specifically laying off some employees.