European companies cut jobs as economy sputters
Adds Bosch, changes cut-off period to September
Nov 25 (Reuters) -Difficult economic conditions and persistently weak demand for many products have forced companies across Europe to freeze hiring or cut jobs.
Here are some of the layoffs announced since the start of September:
BANKS
* DNB DNB.OL: The Norwegian lender said in September it would cut the equivalent of 500 full-time jobs over the next six months, as it prepares for lower interest rates and tougher competition ahead.
* SANTANDER SAN.MC: The Spanish bank said in October it would cut more than 1,400 jobs in its British business.
* UNICREDIT CRDI.MI: The Italian bank has signed an agreement with labour unions that included 1,000 voluntary redundancies and 500 new jobs, Italy's banking union Fabi said on Oct. 17.
CAR AND CAR PARTS MAKERS
* BOSCH: The world's biggest car parts supplier is planning to cut 3,500 jobs by end-2027 in its cross-domain computer solutions division, it said on Nov. 22.
* MICHELIN MICP.PA: The French tyre maker will shut down two sites in Western France, affecting about 1,250 jobs, it said on Nov. 5.
* SCHAEFFLER SHA0.DE: The German machine and car parts maker, hit by weak demand from auto and industrial clients, said on Nov. 5 it planned to cut 4,700 jobs.
INDUSTRIALS AND ENGINEERING
* NORTHVOLT: The Swedish battery maker said in September it planned to lay off 1,600 employees in Sweden.
RETAIL AND CONSUMER GOODS
* AUCHAN: The French supermarket group said on Nov. 5 it planned to cut more than 2,000 jobs amid falling traffic in its stores.
* HUSQVARNA HUSQb.ST: The Swedish garden equipment maker said in October it would cut around 400 jobs, hit by constrained consumer spending.
TELECOMS
* TELIA TELIA.ST: The Swedish telecom operator is looking to cut around 3,000 jobs in 2024, it said in September.
OTHERS
* AIRBUS AIR.PA: The aerospace group said on Oct. 16 it would cut up to 2,500 jobs in its Defence and Space division by mid-2026.
* EQUINOR EQNR.OL: The Norwegian oil, gas and renewable energy producer is cutting 20% of the staff from its renewable energy division, it told Reuters on Nov. 21.
* LUFTHANSA LHAG.DE: The German flag carrier aims to gradually reduce jobs in administration by 20%, the Manager Magazin reported on Nov. 14.
* MONDI MNDI.L: The British packaging maker said in October it would shut down a paper mill in Bulgaria after it was damaged by a fire, affecting around 300 positions.
* SMA SOLAR S92G.DE: The German solar power parts supplier said on Nov. 13 it planned to cut up to 1,100 jobs worldwide.
* SYENSQO SYENS.BR: The Belgian chemicals maker said on Nov. 5 it would cut 300-350 jobs primarily in France, the U.S., Belgium and Italy.
* UPM UPM.HE: The Finnish forestry group may cut up to 110 jobs in its Fibres Finland business, it said on Oct. 8.
* YARA YAR.OL: The Norwegian fertiliser maker said on Oct. 15 that planned production changes at its Tertre plant in Belgium, including the closing of its ammonia unit, could result in a dismissal of around 115 workers.
Source: Regulatory filings, Reuters articles and company websites
(Compiled by Agata Rybska, Louise Breusch Rasmussen, Boleslaw Lasocki, Charlotte Eugenie Yvette Bawol, Olga Sawczuk in Gdansk and Radhika Anilkumar in Bengaluru; Edited by Shounak Dasgupta and Milla Nissi)
</body></html>Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
