As economic uncertainties continue to cast a shadow over Europe, a wave of layoffs is sweeping across various sectors. Companies are grappling with high inflation rates and the ongoing effects of the Ukraine conflict, leading many to implement significant job cuts. From banks and industrial firms to retail giants and tech companies, businesses are making tough decisions to stabilize their finances and adjust to the challenging economic landscape. This article highlights some of the notable layoffs announced since early April, reflecting the broader trends impacting the European job market.
European companies are facing significant job cuts as they respond to ongoing inflation and the impacts of the Ukraine conflict. Here's a summary of recent layoffs announced since early April:
Banking Sector
TSB Bank: The British bank, owned by Spain's Sabadell, has announced plans to reduce its workforce by 250 positions, according to its spokesperson and employee union. Industrials and Engineering PKP Cargo: Poland's largest freight company intends to lay off 30% of its staff. Thyssenkrupp: The German conglomerate revealed on April 24 that it will cut 450 jobs within its materials trading division. Umicore: The Belgian metal recycling company plans to reduce its workforce by 14% in its German automotive catalysts division by 2027.Retail and Consumer Goods
Casino: The French supermarket chain will cut between 1,293 and 3,267 positions to enhance its financial stability. Dyson: The British vacuum cleaner manufacturer is set to eliminate around 1,000 jobs as part of a global restructuring. Unilever: The consumer goods giant aims to reduce a third of its office roles in Europe by the end of 2025.Telecommunications
Vodafone Spain: The recently acquired former Vodafone unit by Zegona Communications plans to cut up to 1,200 jobs, which is just over a third of its workforce. Pharmaceuticals Bayer: A senior executive announced on June 26 that Bayer would continue reducing managerial positions as part of an internal reorganization. Indivior: The drugmaker will cut about 130 jobs following the end of sales of its schizophrenia medication, Perseris. Novartis: The Swiss pharmaceutical company plans to eliminate up to 680 jobs in its development division.Other Sectors
BASF: The German chemical company is considering layoffs at its Harjavalta site in Finland. BP: The oil giant has cut over 100 jobs in its electric vehicle charging division, though specific figures were not disclosed. Deutsche Bahn: The German rail operator plans to reduce its workforce by 30,000 positions, approximately 9% of its staff. Infineon: The German semiconductor manufacturer will cut 1,400 jobs globally and relocate another 1,400 positions to countries with lower labor costs. Manchester United: The English football club is proposing to cut about 250 jobs as part of a club-wide redundancy program. Siemens Gamesa: The wind turbine division of Siemens Energy plans to cut 4,100 jobs, which represents around 15% of its workforce. Tamedia: The Swiss media company announced on August 29 that it would close two printing works and lay off nearly 300 staff in a new cost-saving initiative. UPM: The Finnish forestry group will shut down a newsprint mill and one fine paper machine in Germany, affecting 338 jobs. Additionally, UPM will close its biocomposites business by the end of 2024, impacting 59 jobs in Finland and Germany.Egypt’s “Mashroa'ak” Program Creates Over 1.4 Million Jobs and Boosts 212,800 Projects