European Companies Implementing Workforce Reductions Amid Economic Slowdown

The article discusses the significant challenges faced by companies across Europe due to soaring inflation and the ongoing conflict in Ukraine, resulting in layoffs or hiring freezes. Despite these difficulties, some companies have outlined their plans for job cuts since June. Here are the details:


 AUTOLIV: The Swedish airbag and seatbelt manufacturer announced on June 8 its intention to reduce approximately 8,000 jobs. Later, on Oct. 30, it proceeded with laying off 320 employees in France as part of its restructuring efforts.

CONTINENTAL: In November, the automotive parts supplier disclosed its decision to implement substantial job cuts within its automotive division on a global scale.

JOHNSON MATTHEY: The British autocatalyst producer revealed on Nov. 22 its plan to reduce around 600 jobs in support functions.

European Companies Implementing Workforce Reductions Amid Economic Slowdown

MICHELIN: On Nov. 28, the French tire manufacturer announced the closure of its Karlsruhe, Trier, and Homburg sites in Germany by the end of 2025, impacting 1,532 jobs.

STELLANTIS: The carmaker confirmed on June 28 its intention to shut down its mechanical gearbox plant in Austria, leading to 300 job losses.

VOLKSWAGEN: The German automaker stated on Oct. 27 its proposal to cut 2,000 jobs at its troubled software unit, Cariad.

Food, Retail, and Consumer Goods

ANHEUSER-BUSCH INBEV: According to CNN’s report on July 27, the brewer is set to lay off hundreds of corporate staff in the U.S.

CARREFOUR: On June 26, the French retailer announced its potential decision to eliminate up to 979 jobs in France through voluntary means.

ELECTROLUX: The Swedish home appliances manufacturer revealed on Oct. 27 its plans to implement actions aimed at intensifying cost reductions and streamlining the organization, impacting 3,000 jobs.

HALEON: As reported by the Guardian on July 13, the maker of Sensodyne toothpaste is contemplating cutting hundreds of jobs both in Britain and globally.

HUSQVARNA: On Oct. 20, the Swedish manufacturer of garden equipment and tools announced its intention to reduce about 300 positions, in addition to the 1,000 job reduction plan announced in October 2022.

Industrials and Engineering

ALSTOM: On Nov. 15, the French train maker announced its intention to reduce approximately 1,500 staff to align with its mid-term targets.

TATA STEEL: The Dutch division of the Indian steel maker revealed on Nov. 13 its plan to cut around 800 jobs at its IJmuiden plant to enhance profitability.


IG GROUP: The British online trading platform announced on Oct. 31 its decision to reduce 10% of its headcount as part of cost-saving measures.

European Companies Implementing Workforce Reductions Amid Economic Slowdown
IG Group

NOKIA: On Oct. 19, the Finnish telecom gear group revealed plans to cut up to 14,000 jobs as part of a new cost-saving initiative.

TELEFONICA: A union spokesperson revealed on Dec. 4 that the telecom operator aims to cut around 5,100 jobs in Spain by 2026.

VIRGIN MEDIA: The British mobile operator intends to lay off 2,000 employees, as reported by the Telegraph on July 24.

VODAFONE: On June 15, the British telecoms group reached an agreement with unions over 1,003 job cuts in Italy and 11,000 jobs globally over three years.


A.P. MOELLER-MAERSK: On Nov. 3, the Danish shipping group announced its decision to cut 10,000 jobs as it contends with lower freight rates and subdued demand.

AIR LIQUIDE: The industrial gases firm stated on July 5 that it might reduce its French workforce by 430 net positions.

European Companies Implementing Workforce Reductions Amid Economic Slowdown

BARCLAYS: Employee union Unite reported on Nov. 28 that the bank is considering putting 900 jobs in its British business at risk of redundancy.

BNP PARIBAS BANK POLSKA: The Polish bank announced on Oct. 16 its intention to lay off up to 900 people between 2024 and 2026.

CAPITA: On Nov. 21, the British outsourcing firm revealed its plan to cut about 900 jobs globally.

DEUTSCHE BANK: A person familiar with the matter disclosed on June 23 that the German bank is devising plans to cut 10% of its 17,000 German retail jobs in the next few years.

METRO BANK: On Nov. 30, the British lender announced its plan to lay off 20% of its headcount as part of a cost-cutting drive.

NESTE: The Finnish oil refiner and biofuel producer stated on Nov. 1 its intention to shed 400 jobs globally to prepare for increasing competition in renewable fuels.

LANXESS: On Oct. 18, the specialty chemicals maker announced its plan to cut 870 jobs worldwide.

ROLLS-ROYCE: The British airplane engine maker disclosed on Oct. 17 its decision to cut up to 2,500 jobs as its new CEO seeks to build a more efficient business.

UBS: On Aug. 31, the biggest Swiss bank announced its intention to axe 3,000 jobs in Switzerland following its takeover of Credit Suisse.

Sajda Parveen
Sajda Parveen
Sajda Praveen is a market expert. She has over 6 years of experience in the field and she shares her expertise with readers. You can reach out to her at [email protected]
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