Factbox: European companies cut jobs as economy sputters

BNP Paribas Bank Polska SA

04/03/2024 10:17

(Adds Barry Callebaut, Evonik, Kuehne+Nagel, Roche, Sainsbury,
Valmet, Worldline; updates Bosch, Continental)
       March 4 (Reuters) - The highest inflation for decades
and the impact of the war in Ukraine have forced companies
across Europe into layoffs or hiring freezes.
    Here are some cuts announced since December:

    AUTOS
* BOSCH: the automotive supplier on Jan. 18 said it would cut
1,200 jobs in its software development division by end-2026. On
Feb. 23 it added it would cut 3,500 jobs in its home appliance
division, BSH Hausgeraete. It also plans to cut up to 1,500 jobs
at two German sites by 2025, it said in December.
* CONTINENTAL  CONG.DE : the automotive parts supplier on Feb.
14 flagged it would reduce research and development staffing in
its automotive group sector by 1,750 jobs by the end of 2025,
having already flagged thousands of job cuts in its automotive
unit in November.
* FORVIA  FRVIA.PA : the French car parts maker said on Feb. 19
it would cut up to 10,000 jobs in Europe by 2028 mainly through
natural attrition and drastically reduced hiring.
* POLESTAR: the Volvo Car  VOLCARb.ST  and Geely-backed EV maker
said on Jan. 26 it would cut around 450 jobs globally, or about
15% of workforce. 
* STELLANTIS  STLAM.MI : the carmaker said in January it would
temporarily lay off 2,500 workers in Italy and cut 600 interim
jobs at its Mulhouse plant in eastern France.
    
    BANKS 
* BANCO BPM  BAMI.MI : the Italian bank on Dec. 12 said it would
lay off 1,600 employees, while pledging to hire 800 young
people.
* BNP PARIBAS BANK POLSKA  BNP1.WA : the Polish bank in December
agreed with unions on layoffs of up to 800 employees in
2024-2026.
* DEUTSCHE BANK  DBKGn.DE : the German bank on Feb. 1 said it
would cut 3,500 back office jobs, just under 4% of workforce.
* LLOYDS  LLOY.L : Britain's biggest domestic bank is cutting
around 1,600 roles across its branches, it said on Jan. 25.
* SOCIETE GENERALE  SOGN.PA : the French bank said on Feb. 5 it
would cut about 900 jobs at its Paris headquarters through
voluntary departures.
    
    INDUSTRIALS AND ENGINEERING
* SANDVIK  SAND.ST : the Swedish mining equipment maker said on
Jan. 25 it plans to cut around 1,100 jobs.
* TATA STEEL  TISC.NS : the Dutch division of the Indian steel
maker said on Jan. 19 it would close two blast furnaces in
Britain by end-2024, cutting up to 2,800 jobs, a second layoff
announcement since Nov. 13.
* VALMET  VALMT.HE : is in negotiations to lay off around 130
personnel, it said on Feb 15.

    RETAIL AND CONSUMER GOODS
* BARRY CALLEBAUT  BARN.S : the Swiss chocolate maker told media
on Feb. 26 it is preparing to cut around 2,500 jobs.
* H&M  HMb.ST : the Swedish fashion retailer plans to close down
more than a fifth of its stores and lay off as many as 588
workers in Spain, unions said on Jan. 26.
* SAINSBURY  SBRY.L : Britain's second-biggest grocer said on
Feb. 29 it plans to cut about 1,500 roles.
    
    TECH
* SAP  SAPG.DE : the German software company said on Jan. 24 it
would restructure 8,000 jobs in a push towards AI.
* TELEFONICA  TEF.MC : the telecom operator on Jan. 3 reached a
deal with unions to lay off up to 3,421 employees in Spain by
2026.

    OTHER
* BAYER  BAYGn.DE : the German drugmaker said on Jan. 17 it had
agreed with shop stewards on significant reduction in managerial
jobs by end-2025 without specifying a number.
* DELIVERY HERO  DHER.DE : the takeaway food company said on
Dec. 18 it would close tech hubs in Turkey and Taiwan and adjust
headcount at its Berlin headquarters without specifying numbers.
It cut the workforce of its headquarters and global service
roles by around 13% in 2023.
* EVONIK  EVKn.DE : the chemicals group announced on March 4 up
to 2,000 job cuts worldwide by 2026.
* KUEHNE+NAGEL  KNIN.S : the Swiss logistics group said on March
1 it is laying off less than 2% of its staff and is currently on
a hiring freeze. 
* ROCHE  ROG.S : the Swiss drugs company said on Feb 9 it is
cutting jobs, but less than the 345 jobs reported by the local
website Muula.
* SHELL  SHEL.L : the oil major has begun cutting jobs beyond
the previously announced 15% reduction in its low-carbon
division, Bloomberg News reported on Dec. 21.
* STORA ENSO  STERV.HE : the Finnish forestry firm said on Feb.
1 it could lay off around 1,000 employees in 2024.
* SKY: the British media group, owned by U.S.-based Comcast
 CMCSA.O , is to cut 1,000 jobs in 2024, sources familiar with
the matter said on Jan. 30.
* UNIVERSAL MUSIC GROUP  UMG.AS : the record label said on Jan.
12 it will lay off some employees in 2024 without specifying a
number.
* WORLDLINE  WLN.PA : the French digital payments company will
cut its workforce by around 8% globally, it said on Feb 7. 
    
Source: Regulatory filings, Reuters stories and company websites

 (Compiled by Agata Rybska, Louise Breusch Rasmussen, Boleslaw
Lasocki, Laura Lenkiewicz and Victor Goury-Laffont in Gdansk;
editing by Jason Neely, Mark Potter, Milla Nissi and Emelia
Sithole-Matarise)
 ((agata.rybska@thomsonreuters.com))