Finance
Factbox-European companies cut jobs in response to slowing economy
Published by Global Banking & Finance Review®
Posted on February 13, 2025
4 min readLast updated: January 26, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on February 13, 2025
4 min readLast updated: January 26, 2026
European companies are cutting jobs in response to economic challenges, affecting sectors like automotive, banking, and retail. Discover the impact on the workforce.
(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 beginning of March:
CAR AND CAR PARTS MAKERS
* PORSCHE: The German automaker will cut 2,000 jobs on top of the 1,900 already announced, and will negotiate with unions further cuts in the second half of the year, it said on March 12.
* RENAULT: The French carmaker said on March 11 it would cut 300 jobs at its van factory in Sandouville in response to slowing demand for commercial vehicles in Europe.
* STELLANTIS: The group said on April 3 it would temporarily lay off 900 workers at five U.S. facilities in response to the Trump administration's tariff announcement.
On April 2, the Fiom union said Stellantis had agreed with trade unions 350 job cuts at its plants in southern Italy.
* VOLKSWAGEN: The German carmaker's CFO said on April 30 it had cut headcount in Germany by around 7,000 since starting cost savings in late 2023.
Audi, which belongs to Volkswagen, said on March 18 it would cut up to 7,500 jobs in Germany by 2029 in areas such as administration and development.
* VOLVO: The Swedish truck maker plans to lay off as many as 800 workers at three U.S. facilities over the next three months, a spokesperson said on April 18.
* VOLVO CARS: The Swedish carmaker said on May 7 it would cut 5% of the workforce at its U.S. plant in Charleston, South Carolina due to changing market conditions and evolving trade policies, including tariffs.
BANKS
* DEUTSCHE BANK: Germany's largest bank will cut its retail bank's workforce by almost 2,000 people in 2025, with a "significant" reduction in the number of branches, its CEO said on March 19.
* SANTANDER UK: The British arm of Spain's Banco Santander said on March 19 that fresh branch closures in Britain meant around 750 staff could lose their jobs.
* UBS: Switzerland's largest bank informed unions in Italy on April 1 of plans to cut 180 jobs in the country, around a third of the total, documents reviewed by Reuters showed.
INDUSTRIALS AND ENGINEERING
* SIEMENS: The German engineering group said on March 18 it would cut 5,600 jobs at its Digital Industries business as it adapts to weak market conditions in Germany and China.
* STMICROELECTRONICS: The French-Italian chipmaker said on April 30 it would cut around 1,000 jobs in France, more than a third of the 2,800 layoffs planned in its cost-cutting program.
* THYSSENKRUPP: The German conglomerate plans to cut around 1,800 jobs due to the prolonged weakness in the car sector it supplies, it said on March 6.
RETAIL AND CONSUMER GOODS
* LVMH: Financial Times reported on May 1, citing an internal video, that the French luxury group's wine and spirit unit Moet Hennessy would cut its workforce by about 1,200 employees.
* MORRISONS: The British supermarket said on March 24 that about 365 employees could lose their jobs as part of a reduction of store operations aimed at offsetting cost increases.
* NESTLE: The world's largest packaged food company said on March 20 it would divest two factories in Germany, impacting about 225 jobs, citing overcapacity.
* PUMA: The German sportswear maker will cut 500 jobs worldwide as part of a cost-reduction programme, it said on March 12.
OTHERS
* BIONTECH: The German vaccine maker said on March 10 it planned to cut 950-1,350 full-time positions by 2027, including at its late-stage mRNA manufacturing site in Marburg, Germany and at research operations in Europe and North America.
* DHL: The German logistics group announced on March 6 plans to cut about 8,000 jobs in Germany to save more than 1 billion euros ($1.14 billion).
* PROSIEBENSAT.1: The German media group will cut 430 full-time positions as part if its digital transformation, it said on May 7.
* UPM: The Finnish forestry company said on March 11 it would permanently close a paper mill in Germany and implement cost-cutting measures that will impact 462 jobs.
Sources: Regulatory filings, Reuters reporting and company websites
($1 = 0.8806 euros)
(Compiled by Boleslaw Lasocki and Bernadette Hogg in Gdansk; Edited by Milla Nissi-Prussak and Tomasz Janowski)
The article discusses job cuts by European companies due to economic slowdown, affecting various sectors like automotive, banking, and retail.
Automotive, banking, industrials, and retail sectors are experiencing significant job cuts across Europe.
Companies are reducing their workforce due to difficult economic conditions, weak demand, and cost-saving measures.
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