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Home > Finance > Factbox-European companies cut jobs as economy sputters

Factbox-European companies cut jobs as economy sputters

Published by Global Banking and Finance Review

Posted on December 19, 2024

4 min read

Last updated: January 27, 2026

European companies announcing job cuts due to economic challenges - Global Banking & Finance Review — This image represents the recent trend of European companies cutting jobs as economic conditions worsen. It highlights the impact on various sectors, including banking and manufacturing, as detailed in the article.

European Companies Announce Job Cuts Amid Economic Struggles

(Reuters) -Difficult economic conditions and persistently weak demand for many products have forced companies across Europe to freeze hiring or cut jobs.

Here are some of the layoffs announced since the start of October:

BANKS

* SANTANDER: The Spanish bank said in October it would cut more than 1,400 jobs in its British business.

* UNICREDIT: The Italian bank has signed an agreement with labour unions that included 1,000 voluntary redundancies and 500 new jobs, Italy's banking union Fabi said on Oct. 17.

CAR AND CAR PARTS MAKERS

* BOSCH: Staff reduction schemes at the world's biggest car parts supplier have put 8,000-10,000 jobs at risk in Germany, its deputy supervisory board chairman said on Dec. 11. One of those plans is for 3,500 job cuts in its cross-domain computer solutions division by end-2027, half of which will be in Germany.

* MICHELIN: The French tyre maker will shut down two sites in Western France, affecting about 1,250 jobs, it said on Nov. 5.

* SCHAEFFLER: The German machine and car parts maker, hit by weak demand from auto and industrial clients, said on Nov. 5 it planned to cut 4,700 jobs. As part of these measures, it will close two plants in Austria and Britain, it said on Nov. 27.

* STELLANTIS: The Milan-listed automaker said on Nov. 26 it planned to shut its Vauxhall van factory in southern England, putting more than 1,000 jobs at risk.

* VALEO: The French car parts supplier plans to cut around 1,000 jobs in Europe, including the closure of two sites in France, sources told Reuters on Nov. 27.

INDUSTRIALS AND ENGINEERING

* THYSSENKRUPP: The German conglomerate's steel-making division said on Nov. 25 it planned to cut 5,000 jobs by 2030 and an additional 6,000 jobs through spin-offs or divestitures.

RETAIL AND CONSUMER GOODS

* AUCHAN: The French supermarket group said on Nov. 5 it planned to cut more than 2,000 jobs amid falling traffic in its stores.

* HUSQVARNA: The Swedish garden equipment maker said in October it would cut around 400 jobs, hit by constrained consumer spending.

OTHERS

* AIRBUS: The French aerospace group said on Dec. 5 it would cut just over 2,000 jobs in its Defence and Space business, fewer than the initially announced 2,500.

* EQUINOR: The Norwegian oil, gas and renewable energy producer is cutting 20% of the staff from its renewable energy division, it told Reuters on Nov. 21.

* IDORSIA: The Swiss pharmaceutical company said on Nov. 27 it would shed up to 270 jobs as part of its restructuring efforts.

* LUFTHANSA: The German flag carrier aims to gradually reduce jobs in administration by 20%, the Manager Magazin reported on Nov. 14.

* MONDI: The British packaging maker said in October it would shut down a paper mill in Bulgaria after it was damaged by a fire, affecting around 300 positions.

* NOVARTIS: The Swiss drugmaker is closing German biotech firm MorphoSys, acquired at the start of 2024, German news outlet WirtschaftsWoche reported on Dec. 19, saying 330 jobs would be affected.

* SMA SOLAR: The German solar power parts supplier said on Nov. 13 it planned to cut up to 1,100 jobs worldwide.

* SYENSQO: The Belgian chemicals maker said on Nov. 5 it would cut 300-350 jobs primarily in France, the U.S., Belgium and Italy.

* UPM: The Finnish forestry group said on Nov. 27 it would close a plant in Kaltenkirchen, Germany, affecting 154 jobs, its latest in a string of closures this year. In October, it said it may cut up to 110 jobs in the Fibres Finland unit.

* YARA: The Norwegian fertiliser maker said on Oct. 15 that planned production changes at its Tertre plant in Belgium, including the closing of its ammonia unit, could result in a dismissal of around 115 workers.

Source: Regulatory filings, Reuters articles and company websites

(Compiled by Agata Rybska, Louise Breusch Rasmussen, Boleslaw Lasocki, Charlotte Eugenie Yvette Bawol, Olga Sawczuk, Bernadette Hogg in Gdansk and Radhika Anilkumar in Bengaluru; Edited by Shounak Dasgupta and Milla Nissi)