Layoffs: European Firms Slashing Jobs Due To Weak Demand And Tough Economic Conditions

Layoffs: Challenging economic conditions and ongoing weak demand for many products have compelled companies across Europe to freeze hiring or implement job cuts. Several big firms, like Schaeffler, Santander and others, have recently fired thousands of employees, highlighting the difficult times across industries.Below is a list of some of the layoffs announced since the beginning of August, according to a Reuters report.Automotive SectorSeveral companies in the automotive and car parts sector have announced job cuts due to challenging market conditions. Michelin, the French tyre manufacturer, stated on November 5 that it would be shutting down two sites in Western France, affecting approximately 1,250 jobs. Similarly, Schaeffler, the German maker of machine and car parts, revealed on November 5 that it plans to cut 4,700 jobs, citing weak demand from both auto and industrial clients.Retail And Consumer GoodsIn the retail and consumer goods sector, Auchan, the French supermarket chain, announced on November 5 that it plans to cut over 2,000 jobs due to declining foot traffic in its stores. Meanwhile, Husqvarna, the Swedish garden equipment manufacturer, revealed in October that it would be reducing its workforce by around 400 jobs, impacted by weaker consumer spending.Banking SectorSeveral major banks have announced significant layoffs in recent months. In September, DNB, the Norwegian lender, revealed plans to cut the equivalent of 500 full-time positions over the next six months in anticipation of lower interest rates and increased competition. In October, the Spanish bank Santander disclosed it would reduce its workforce by more than 1,400 jobs in its UK operations. Similarly, Unicredit, the Italian bank, reached an agreement with labour unions on October 17 that included 1,000 voluntary redundancies alongside the creation of 500 new jobs.Industrial SectorIn the industrial and engineering sector, Northvolt, the Swedish battery manufacturer, announced in September that it intended to lay off 1,600 employees in Sweden as part of its restructuring efforts.Telecom And Other SectorsIn the telecom sector, Telia, the Swedish telecom operator, announced in September that it plans to cut approximately 3,000 jobs in 2024 as part of its ongoing efforts to streamline operations.Several other companies have also announced significant job cuts in recent months. Airbus, the aerospace group, revealed on October 16 that it would cut up to 2,500 jobs in its Defence and Space division by mid-2026. Equinor, the Norwegian oil, gas, and renewable energy producer, stated on November 21 that it would reduce staff in its renewable energy division by 20 per cent. Infineon, the German chipmaker, announced plans to cut 1,400 jobs globally in August and relocate another 1,400 positions to countries with lower labour costs. Lufthansa, the German airline, aims for a 20 per cent reduction in administrative jobs, as reported on November 14 by Manager Magazin.In October, Mondi, the British packaging maker, decided to shut down a paper mill in Bulgaria following a fire, affecting around 300 positions. SMA Solar, the German solar power supplier, disclosed on November 13 that it planned to cut up to 1,100 jobs worldwide. Shell, the energy giant, is scaling back its oil and gas exploration and development workforce by 20 per cent, though the company has not commented on specific job numbers. Syensqo, the Belgian chemicals maker, announced on November 5 that it would cut 300-350 jobs, mainly in France, the US, Belgium, and Italy.Tamedia, the Swiss media firm part of TX Group, said in August that it would close two printing works and lay off almost 300 staff. UPM, the Finnish forestry group, may cut up to 110 jobs in its Fibres Finland business, as stated on October 8. In August, the company also announced mill closures in Germany, impacting 338 jobs, and the closure of its biocomposites business, resulting in 59 job losses in Finland and Germany. Yara, the Norwegian fertiliser producer, announced on October 15 that planned production changes at its Tertre plant in Belgium, including the closure of its ammonia unit, could lead to around 115 job losses.Also Read: Layoffs: This Automaker Plans To Reduce Jobs For Nearly 1,000 Employees Worldwide. Find Out What Happened