Factbox-European firms minimize jobs as economy sputters

(Tiafx) – The supreme inflation for decades and the impact of the warfare in Ukraine possess compelled firms across Europe into layoffs or hiring freezes.

Listed below are some cuts launched for the reason that originate of 2024:

AUTOS

* BOSCH: the automotive provider mentioned in January it can perchance minimize 1,200 jobs in its tool model division by cease-2026, after already flagging cuts in Germany. On Feb. 23, it added it can perchance minimize 3,500 jobs in its home appliance division.

* CONTINENTAL: the automotive parts provider launched on Feb. 14 additional plans to reduce aid workers, by lowering analysis and model staffing in its automotive division by 1,750 jobs by cease-2025.

* FORVIA: the French car parts maker mentioned on Feb. 19 it can perchance minimize as a lot as 10,000 jobs in Europe by 2028 mainly thru natural attrition and decreased hiring.

* POLESTAR: the Volvo (OTC:VLVLY) Automobile and Geely-backed EV maker mentioned on Jan. 26 it can perchance minimize spherical 450 jobs, or about 15% of team, globally.

* STELLANTIS: the automaker signed a deal on March 27 to could perchance well additionally minimize extra than 3,000 roles in Italy. It has additionally been trimming jobs in the U.S. and France.

* VOLVO: the Swedish truck maker plans to reduce aid 250 jobs at its Tuve plant in Gothenburg, local day-to-day reported on March 12, citing a firm spokesperson.

BANKS

* BARCLAYS: the British bank is making willing to reduce aid heaps of of funding bank jobs, sources conversant in the matter told Tiafx on March 20.

* DEUTSCHE BANK: the German bank mentioned on Feb. 1 it can perchance minimize 3,500 aid put of job jobs, factual below 4% of team.

* LLOYDS: Britain’s greatest domestic bank is lowering spherical 1,600 roles across its branches, it mentioned on Jan. 25.

* SOCIETE GENERALE: the French bank mentioned on Feb. 5 it can perchance minimize about 900 jobs at its Paris headquarters thru voluntary departures.

INDUSTRIALS AND ENGINEERING

* NIBE INDUSTIER: the Swedish heating solutions maker has minimize 340 positions in Sweden, it mentioned on March 18.

* SANDVIK: the Swedish mining tools maker mentioned on Jan. 25 it plans to reduce aid spherical 1,100 jobs.

* TATA STEEL: the Dutch division of the Indian steel maker mentioned on Jan. 19 it can perchance shut two blast furnaces in Britain by cease-2024, lowering as a lot as 2,800 jobs, a second layoff announcement since November.

* VALMET: the Finnish engineering community is in talks to lay off spherical 130 personnel, it mentioned on Feb. 15.

RETAIL AND CONSUMER GOODS

* BARRY CALLEBAUT: the Swiss chocolate maker told media on Feb. 26 it is making willing to reduce aid spherical 2,500 jobs.

* H&M (ST:HMb): the Swedish vogue retailer plans to shut down extra than a fifth of its shops and lay off 588 workers in Spain, unions mentioned on Jan. 26.

* SAINSBURY: Britain’s second-greatest grocer mentioned on Feb. 29 it plans to reduce aid about 1,500 roles.

* TED BAKER: the retailer mentioned on April 8 it can perchance shut 15 shops in Britain, main to a shortage of almost 250 jobs.

* UNILEVER: the person goods community launched a new designate savings programme on March 19 that could perchance minimize 7,500 jobs.

TECH

* ERICSSON: the Swedish telecoms tools provider mentioned on March 25 it used to be planning to lower about 1,200 positions in Sweden.

* SAP: the German tool firm mentioned on Jan. 24 it can perchance restructure 8,000 jobs in a push in direction of AI.

* TELEFONICA: the telecoms operator reached a take care of unions on Jan. 3 to lay off as a lot as three,421 workers in Spain by 2026.

* TELENOR: the telecoms community mentioned on April 3 its Norwegian unit would lay off spherical 100 workers and minimize down on momentary workers.

* VODAFONE: Vodafone (NASDAQ:VOD) Germany mentioned on March 26 that its transformation programme would possess an impact on some 2,000 jobs.

OTHER

* BAYER: the German drugmaker mentioned on Jan. 17 it had agreed with store stewards on fundamental reduction in managerial jobs by cease-2025 without specifying a quantity.

* BOUYGUES IMMOBILIER: the exact property arm of Bouygues (EPA:BOUY) will minimize 225 jobs at its property model unit in France, it mentioned on April 8.

* EVONIK: the German chemicals community mentioned on March 4 as a lot as 2,000 jobs worldwide by 2026.

* FIDELITY: the fund supervisor plans to reduce aid spherical 1,000 jobs globally in 2024, in accordance to an inside memo viewed by Tiafx. Firm spokesperson confirmed the contents of the memo on March 6.

* KUEHNE+NAGEL: the Swiss logistics community mentioned on March 1 it is shedding lower than 2% of its workers and is at present on a hiring freeze.

* NESTE: the Finnish oil refiner mentioned on March 13 it can perchance minimize 320 positions in Finland and 70 out of doors of the nation.

* NOVATRIS: the Swiss pharmaceutical firm is to reduce aid as a lot as 680 jobs in its model organisation, it mentioned on April 9.

* ROCHE: the Swiss drugmaker mentioned on Feb. 9 it used to be lowering jobs, but lower than the 345 jobs reported by local internet dwelling Muula.

* STORA ENSO: the Finnish forestry firm mentioned on Feb. 1 it can perchance well additionally lay off spherical 1,000 workers in 2024.

* SKY: the British media community, owned by U.S.-basically based totally mostly Comcast (NASDAQ:CMCSA), is to reduce aid 1,000 jobs in 2024, sources conversant in the matter mentioned on Jan. 30.

* UNIVERSAL MUSIC GROUP: the narrative tag mentioned on Jan. 12 this could perchance additionally lay off some workers in 2024 without specifying a quantity.

* WORLDLINE: the French digital payments firm will minimize its team by spherical 8% globally, it mentioned on Feb 7.

Source: Regulatory filings, Tiafx reports and firm internet sites