Factbox: European companies cut jobs as economy sputters
23/06/2023 11:33
(Updates Deutsche Bank in 'Other' section)
June 23 (Reuters) - Decades-high inflation and the
impact of war in Ukraine have forced companies across Europe
into lay-offs or hiring freezes.
Here are some of the companies that have announced cuts
since January:
AUTOS
* AUTOLIV ALIVsdb.ST : the Swedish airbag and seatbelt maker
said on June 8 it plans to cut around 8,000 jobs, which equates
to about 11% of direct and indirect positions at the company.
* STELLANTIS STLA.MI : the carmaker agreed with unions in
February to cut up to 2,000 workers from its Italian operations
through voluntary redundancies.
* VOLVO VOLVb.ST : the Swedish group said in March it would
restructure its European bus-making operation, leading to a
reduction of 1,600 jobs.
* VOLVO CAR VOLCARb.ST : the automaker on May 4 announced 1,300
additional layoffs in Sweden, 6% of the company's workforce in
its home country.
FOOD, RETAIL AND CONSUMER GOODS
* DELIVEROO ROO.L : the British meal delivery company said on
Feb. 9 it would cut around 9% of its workforce, or 350 roles.
* FIELMANN FIEG.DE : the German glasses retailer said on March
3 it would slash hundreds of jobs by 2025.
* SAINSBURY'S SBRY.L : the British supermarket group plans to
consolidate five existing Sainsbury's and Argos general
merchandise depots into three, closing two by 2026, in a move
that will impact 1,400 workers, it said on Feb. 28.
* ZALANDO ZALG.DE : the German online fashion retailer said on
Feb. 21 it would cut hundreds of jobs across the company.
INDUSTRIALS AND ENGINEERING
* BRITISH STEEL: the Chinese-owned company said on Feb. 22 it
could cut up to 260 jobs after announcing the planned closure of
its coke ovens in northern England.
* KONE KNEBV.HE : the Finnish elevator maker said on Jan. 26 it
would reduce headcount by 1,000, including 150 in Finland.
* SSAB SSABa.ST : the Swedish steel maker said on June 16 it
has started furlough talks concerning 850 of its 4,700 employees
in Finland due to weak demand in the construction sector.
TECH
* BT BT.L : Britain's biggest broadband and mobile provider on
May 18 said it would reduce its total workforce by up to 55,000
jobs by the end of the decade to become a much leaner business.
* ERICSSON ERICb.ST : the telecom equipment maker will lay off
8,500 employees globally as part of its plan to cut costs, a
memo seen by Reuters said.
* LOGITECH LOGN.S : the maker of keyboards, webcams and other
computer accessories is laying off about 300 people in a global
reorganization, Bloomberg News reported on March 22.
* NOKIA NOKIA.HE : the Finnish telecom equipment maker said on
May 3 it plans to cut up to 208 jobs in Finland.
* PHILIPS PHG.AS : the Dutch medical equipment maker on Jan. 30
said it would cut 6,000 jobs to counter falling sales and after
a massive recall of its respiratory machines.
* SAP SAPG.DE : the German software company said on Jan. 26 it
planned to shed 3,000 jobs, 2.5% of its global workforce, to cut
costs and focus on its cloud business.
* TELECOM ITALIA TLIT.MI : the group is seeking to cut as many
as 2,000 jobs in Italy through a voluntary early retirement
scheme, sources told Reuters in March.
* VODAFONE VOD.L : the British telecoms group on June 15
reached an agreement with unions over 1,003 job cuts in Italy to
cut costs. It said in May it would cut 11,000 jobs globally over
three years as it forecast a 1.5 billion euro drop in 2023 free
cash flow.
OTHER
* BASF BASFn.DE : the German chemicals maker said on Feb. 24 it
would cut 2,600 jobs to improve competitiveness as it warned of
a further decline in earnings due to rising costs.
* DEUTSCHE BANK DBKGn.DE : Germany's largest bank is drawing up
plans to cut 10% of its 17,000 German retail jobs in the next
few years, a person with knowledge of the matter said on June
23. The bank declined to comment.
Deutsche Bank had on April 27 said it would cut 800 jobs to
reduce costs by an additional 500 million euros over the next
few years.
* EVONIK EVKn.DE : the German specialty chemicals producer said
on April 3 it would cut 200 jobs as part of restructuring of its
pet food unit.
* GRIFOLS GRLS.MC : the Spanish pharmaceutical firm said on
Feb. 15 it would lay off around 2,300 employees, or 8.5% of its
global workforce, amid a strategy overhaul aimed at reaching
annual savings of around 400 million euros.
* STANDARD CHARTERED STAN.L : the British bank has started
laying off employees in its London, Singapore and Hong Kong
offices and the total reduction could be more than 100
positions, Bloomberg News reported on June 7.
* STORA ENSO STERV.HE : the Finnish forestry firm said on June
15 it will cut 1,150 jobs after it decided to shut down some
pulp production plants in Finland, Poland, Estonia and
Netherlands.
* TAYLOR WIMPEY TW.L : the British housebuilder said on Jan. 13
it was considering job cuts to keep a lid on costs, but did not
specify the number of potential job cuts.
Source: Regulatory filings, Reuters stories and company websites
($1 = 10.4142 Swedish crowns; $1 = 0.9222 euros)
(Compiled by Agata Rybska, Louise Breusch Rasmussen, Boleslaw
Lasocki, Laura Lenkiewicz and Victor Goury-Laffont in Gdansk;
editing by Jason Neely and Milla Nissi)
((agata.rybska@thomsonreuters.com))