The challenging economic environment across Europe, driven by high inflation and the ongoing conflict in Ukraine, has forced numerous companies to either freeze hiring or implement significant layoffs. The job cuts span various sectors, from banking and retail to industrials and telecoms, reflecting the widespread impact of current global challenges.
Banking Sector:
In May, TSB, the British bank owned by Spain’s Sabadell, revealed plans to cut 250 jobs. This move comes as financial institutions reassess their workforce in light of shifting economic conditions and increasing costs.
Industrials and Engineering:
Poland’s largest freight company, PKP Cargo, announced in July that it would lay off 30% of its workforce. Meanwhile, German industrial conglomerate Thyssenkrupp is reducing 450 jobs in its materials trading division. Belgium-based Umicore plans to cut 14% of its positions at its German automotive catalysts business by 2027.
Retail and Consumer Goods:
France’s Casino Group faces significant restructuring, with job cuts ranging between 1,293 and 3,267. British vacuum cleaner manufacturer Dyson will reduce its workforce by 1,000 as part of a global restructuring. Consumer goods giant Unilever has also announced plans to cut one-third of office roles across Europe by 2025.
Telecommunications:
Sweden’s telecom operator Telia is preparing to cut around 3,000 jobs in 2024, while Vodafone Spain, recently acquired by Zegona Communications, plans to cut over 1,200 jobs, equating to a third of its workforce.
Pharmaceutical Sector:
Bayer continues its internal reorganization, with further managerial job cuts planned for 2023. Similarly, drugmaker Indivior announced in July that it would eliminate 130 positions following the discontinuation of its schizophrenia drug Perseris. Novartis will also reduce its workforce, cutting up to 680 jobs in its development organization.
Energy and Other Industries:
BP has reduced its workforce by more than 10% in its electric vehicle (EV) charging business. Shell plans to scale back its oil and gas exploration workforce by 20%, focusing cuts in the Netherlands and the UK. Siemens Gamesa, the wind turbine division of Siemens Energy, announced it would cut 4,100 jobs, around 15% of its workforce. Deutsche Bahn, the German rail operator, plans to cut 30,000 jobs, about 9% of its staff.
Media and Manufacturing:
Swiss media company Tamedia is closing two printing facilities, laying off nearly 300 employees. Finnish forestry group UPM has announced the closure of a newsprint mill and a fine paper machine in Germany, affecting 338 jobs, with further closures in its biocomposites business planned by 2024.
As these companies navigate the economic downturn, job cuts and restructuring efforts are expected to continue, reflecting the broader economic challenges facing Europe.
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