European companies cut jobs as economy sputters

Reuters

European companies cut jobs as economy sputters

30. Aug. 2024 um 9:31 vorm. GMT

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Adds Shell

Aug 30 (Reuters) -Elevated levels of inflation and the impact of the war in Ukraine have forced companies across Europe to freeze hiring or cut jobs.

Here are some of the layoffs announced since the start of April:

BANKS

* TSB: The British bank owned by Spain's Sabadell SABE.MC is seeking 250 job cuts, its spokesperson and employee union said on May 8.

INDUSTRIALS AND ENGINEERING

* PKP CARGO PKPP.WA: Poland's largest freight company plans to lay off 30% of staff, it said on July 3.

* THYSSENKRUPP TKAG.DE: The German submarine-to-steel group said in April it would lay off 450 staff in materials trade division.

* UMICORE UMI.BR: The Belgian metal recycling group plans to cut 14% positions at its German automotive catalysts business by 2027, it said on June 19.

RETAIL AND CONSUMER GOODS

* CASINO CASP.PA: The French supermarket chain said in April it would cut 1,293-3,267 positions to improve its financial situation.

* DYSON: The vacuum cleaner manufacturer will cut about 1,000 jobs in Britain as part of global restructuring.

* UNILEVER ULVR.L: The consumer goods giant plans to cut a third of all office roles in Europe by the end of 2025.

TELECOMS

* VODAFONE SPAIN: The former Vodafone VOD.L unit that was recently acquired by Zegona Communications ZEG.L plans to cut up to 1,200 jobs, or just over a third of workforce, it said on June 12.

PHARMA

* BAYER BAYGn.DE: A top Bayer pharmaceutical executive said on June 26 the group would continue slashing managerial jobs this year as part of internal reorganization.

* INDIVIOR INDV.L: The drugmaker said on July 9 it would cut about 130 jobs following the discontinuation of sales of its schizophrenia drug Perseris.

* NOVARTIS NOVN.S: The Swiss drugmaker will cut up to 680 jobs in its development organisation, it said in April.

OTHERS

* BP BP.L: The oil company has cut more than a tenth of the workforce - over 100 jobs - in its EV charging business, company sources said in April. BP did not comment on the exact number of job cuts.

* DEUTSCHE BAHN: The German rail operator said on July 25 it planned to cut 30,000 jobs, or around 9% of staff.

* INFINEON IFXGn.DE: The German chipmaker will cut 1,400 jobs worldwide and relocate further 1,400 positions to countries with lower labour costs, its CEO said on Aug. 5.

* MANCHESTER UNITED MANU.N: The English Premier League club is proposing to cut about 250 jobs as part of a club-wide redundancy programme, a source close to it said on July 3.

* SHELL SHEL.L: The energy giant plans to scale back its oil and gas exploration and development workforce by 20%, company sources told Reuters on Aug. 29. In Europe, the cuts are focused in the Netherlands and Britain, they said. A Shell spokesman would not comment on the reduction figures.

* SIEMENS GAMESA: Siemens Energy's ENR1n.DE wind turbine division plans to cut 4,100 jobs, or around 15% of workforce, the unit's CEO said in an internal letter to staff seen by Reuters on May 28.

* TAMEDIA TXGN: The Swiss media firm said on Aug. 29 it would close two printing works and lay off almost 300 staff in a fresh round of cost-saving measures.

* UPM UPM.HE: The Finnish forestry group said on Aug. 21 it would close a newsprint mill and shut down one fine paper machine in Germany, affecting 338 jobs. It will also close its biocomposites business by the end of 2024, affecting 59 jobs in Finland and Germany, it said on Aug. 26.

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)

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