Job Cuts in Europe Amid Economic Struggles

Difficult economic conditions and weak demand for products have led European companies to freeze hiring or lay off employees. Here’s a summary of significant layoffs since October:

Banks

• Santander: Cutting over 1,400 jobs in its British business.
• UniCredit: Signed an agreement for 1,000 voluntary redundancies and 500 new jobs as of Oct. 17.

Car and Car Parts Makers

• Bosch: Job cuts risk 8,000-10,000 jobs; plans to cut 3,500 jobs in its computer solutions division by end-2027.
• Michelin: Shutting down two sites in Western France, affecting around 1,250 jobs (Nov. 5).
• Schaeffler: Plans to cut 4,700 jobs and close two plants in Austria and Britain as of Nov. 5.
• Stellantis: Plans to shut Vauxhall van factory, risking over 1,000 jobs (Nov. 26).
• Valeo: Cutting around 1,000 jobs in Europe, including two site closures in France (Nov. 27).

Industrials and Engineering

• ThyssenKrupp: Plans to cut 5,000 jobs by 2030 and an additional 6,000 through spin-offs (Nov. 25).

Retail and Consumer Goods

• Auchan: Planning to cut more than 2,000 jobs amid falling store traffic (Nov. 5).
• Husqvarna: Cutting around 400 jobs due to constrained consumer spending (October).

Others

• Airbus: Reducing just over 2,000 jobs in its Defence and Space business (Dec. 5).
• Equinor: Cutting 20% of staff in the renewable energy division (Nov. 21).
• Idorsia: Plans to shed up to 270 jobs for restructuring (Nov. 27).
• Lufthansa: Aiming for a 20% reduction in administrative jobs (Nov. 14).
• Mondi: Closing a fire-damaged paper mill in Bulgaria, affecting around 300 jobs (October).
• Novartis: Closing German biotech firm MorphoSys, affecting 330 jobs (Dec. 19).
• SMA Solar: Planning to cut up to 1,100 jobs worldwide (Nov. 13).
• Syensqo: Cutting 300-350 jobs primarily in France, the U.S., Belgium, and Italy (Nov. 5).
• UPM: Closing a plant in Kaltenkirchen, Germany, affecting 154 jobs, with additional job cuts expected (Nov. 27).
• Yara: Possible dismissal of around 115 workers due to production changes at the Tertre plant in Belgium (Oct. 15).

Source: Regulatory filings, Reuters articles, and company websites.