Factbox-European companies cut jobs in response to slowing economy

Audio By Carbonatix

Enlarge

(Reuters) -Several European companies have frozen hiring or cut jobs this year, citing difficult economic conditions exacerbated by U.S. tariffs.

Here are some of the companies that announced layoffs:

CAR AND CAR PARTS MAKERS

* BOSCH: The German home appliance manufacturer will cut 13,000 jobs as it battles sluggish demand, high costs and pressure from rivals, it said on September 25.

* 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, on top of the previously announced 5,000 job cuts in Germany.

* RENAULT: The French carmaker confirmed on October 4 it was planning cost cuts but said it had no figures to report yet, after a newsletter reported it would cut 3,000 jobs by year-end in support services at its headquarters in the Paris suburb of Boulogne-Billancourt and other locations worldwide.

* STELLANTIS: The automaker expanded its voluntary redundancy scheme for Italy, bringing the total planned workforce reduction to almost 2,500 in 2025, it said on June 10.

* VOLKSWAGEN: The company’s CFO said on April 30 it had cut headcount in Germany by around 7,000 since starting cost savings in late 2023. 

* VOLVO CARS: The Swedish carmaker will cut 3,000 mostly white-collar jobs as part of a wider restructuring, it said on May 26.

BANKS

* COMMERZBANK: The German bank said on May 14 it had agreed with the works council on terms to cut around 3,900 jobs by 2028.

* LLOYDS: The British bank will consider the dismissal of around half of 3,000 staff to cut costs, a source familiar with the matter told Reuters on September 4.

ENERGY

* OMV: The Austrian oil and gas company plans to cut 2,000 positions, or a twelfth of its global workforce, the Kurier newspaper reported on September 4.

INDUSTRIALS AND ENGINEERING

* SIKA : The Swiss industrial and construction chemicals maker said on October 24 it would cut up to 1,500 jobs in persistently weak markets such as China.

* STMICROELECTRONICS: The French-Italian chipmaker’s CEO said on June 4 that he expected 5,000 staff to leave the company in the next three years, including 2,800 job cuts announced in 2025.

CONSUMER GOODS

* BURBERRY: The British luxury brand will shed 1,700 jobs or around a fifth of its global workforce to cut costs, it said on May 14.

* LVMH: The Financial Times reported on May 1, citing an internal video, that the luxury group’s wine and spirits unit Moet Hennessy would cut its workforce by about 1,200 employees.

* NESTLE: The world’s largest packaged food company will cut 16,000 jobs, or 5.8% of its staff, in a move to cut costs and win back investor confidence, it said on October 16.

OTHERS

*JUST EAT TAKEAWAY: The food delivery company’s German unit Lieferando plans to cut 2,000 jobs from end-2025 to optimise the model of its delivery service, the company said on July 17.

* LUFTHANSA: The German airline group said on September 28 it would cut 4,000 administrative jobs by 2030.

* KUEHNE+NAGEL: The Swiss freight forwarder will launch a cost-cutting programme targeting 1,500 jobs to combat margin pressures and overcapacity, it said on October 23.

* NOVO NORDISK: The Danish pharmaceutical company will cut 9,000 jobs globally, it said on September 10.

* ORSTED: The Danish wind power group said on October 9 it would cut around 2,000 jobs by the end of 2027, a quarter of its workforce, a move that will coincide with a decline in its construction activities.

Sources: Regulatory filings, Reuters reporting and company websites

(Compiled by Boleslaw Lasocki, Bernadette Hogg and Mireia Merino in Gdansk; Edited by Matt Scuffham, Helen Reid and Milla Nissi-Prussak)