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Factbox-European companies cut jobs as economy sputters
Global Banking & Finance Review®
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(Reuters) – Elevated levels of inflation and the impact of the war in Ukraine have forced companies across Europe to freeze hiring or cut jobs.
(Reuters) – Elevated levels of inflation and the impact of the war in Ukraine have forced companies across Europe to freeze hiring or cut jobs.
Here are some layoffs announced since the start of April:
BANKS
* TSB: The British bank owned by Spain’s Sabadell is seeking 250 job cuts and 36 branch closures, its spokesperson and employee union said on May 8.
INDUSTRIALS AND ENGINEERING
* METSO: The Finnish mining equipment maker said on May 6 it plans to restructure its minerals equipments business, leading it to cut about 240 positions globally.
* THYSSENKRUPP: The German submarine-to-steel group said on April 24 it would lay off 450 staff in materials trade division Schulte.
* UMICORE: The Belgian metal recycling group is planning a 14% reduction in positions by 2027 at its German automotive catalysts business, it said on June 19.
* PKP Cargo: Poland’s largest freight company said on July 3 it plans to lay off up to about 30% of its employees.
RETAIL AND CONSUMER GOODS
* CASINO: The French supermarket chain said on April 24 it would cut between 1,293 and 3,267 positions to improve its financial situation.
* HALEON: The British consumer healthcare company said on April 30 it would close its UK manufacturing site over the next two years, impacting 435 jobs.
* TED BAKER: The retailer said on April 8 it would close 15 stores in Britain, leading to a loss of nearly 250 jobs.
* UNILEVER: The consumer goods giant plans to cut a third of all office roles in Europe by the end of 2025, according to details of a company-wide call.
TECH
* TELENOR: The telecoms group said on April 3 that its Norwegian unit would lay off around 100 employees and cut down on temporary staff.
* VODAFONE SPAIN: A former Vodafone unit that was recently acquired by Zegona Communications plans to cut up to 1,200 jobs, or just over a third of its workforce, it said on June 12.
* DYSON: The vacuum cleaner manufacturer will cut about 1,000 jobs in Britain as part of a global restructuring.
PHARMA
* INDIVIOR: The drugmaker said on July 9 it would cut about 130 jobs following the discontinuation of sales of its schizophrenia drug Perseris.
* BAYER: A top Bayer pharmaceutical executive said on June 26 the group would continue slashing managerial jobs this year, planning cuts in Germany, Japan, Britain, Belgium and the Netherlands as part of the company’s internal reorganization.
* CUREVAC: The Germany-based pharmaceutical company said on July 3 it would lay off about 30% of its workforce as a part of its restructuring.
* NOVARTIS: The Swiss drugmaker is to cut up to 680 jobs in its development organisation, it said on April 9.
OTHERS
* MANCHESTER UNITED: The English Premier League club is proposing to cut about 250 jobs as part of a club-wide redundancy programme, a source close to the company told Reuters on July 3.
* BASF: The German chemicals company said on April 11 it was considering layoffs at its Harjavalta site in Finland.
* BOUYGUES IMMOBILIER: The real estate arm of Bouygues will cut 225 jobs at its property development unit in France, it said on April 8.
* BP: The oil company has cut more than a tenth of the workforce – over 100 jobs – in its EV charging business, company sources said on April 15. BP did not comment on the exact number of job cuts.
* INTRUM: The Swedish debt collector said on April 24 that its cost-cutting measures would include a reduction of “several hundred” staff.
* SCHIBSTED: The Norwegian classified ads group will cut around 250 jobs in the Nordic region, it said on June 18.
* SIEMENS GAMESA: Siemens Energy’s wind turbine division plans to cut 4,100 jobs, or around 15% of its workforce, the unit’s CEO said in an internal letter to staff seen by Reuters on May 28.
* UPM-KYMMENE: The Finnish forestry group said on May 29 it would close a newsprint mill and a fine paper machine in Germany, affecting 345 jobs.
Source: Regulatory filings, Reuters articles and company websites
(Compiled by Agata Rybska, Louise Breusch Rasmussen, Boleslaw Lasocki, Laura Lenkiewicz and Victor Goury-Laffont in Gdansk and Radhika Anilkumar in Bengaluru; Edited by Shounak Dasgupta and Milla Nissi)
Unemployment refers to the situation when individuals who are capable of working are unable to find a job. It is often measured as a percentage of the labor force that is jobless.
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. Central banks attempt to limit inflation to keep the economy running smoothly.
Corporate restructuring involves reorganizing a company's structure, operations, or finances to improve efficiency and profitability. This may include layoffs, mergers, or changes in management.
Job creation refers to the process of generating new employment opportunities in the economy. It is essential for economic growth and reducing unemployment rates.
A financial crisis is a situation in which the value of financial institutions or assets drops significantly. It can lead to widespread economic disruption and loss of confidence in the financial system.
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