Factbox: European companies cut jobs in response to slowing economy

Oersted A/S

27/11/2025 15:03

Adds Wacker Chemie

Nov 27 (Reuters) - Several European companies have frozen hiring or cut jobs this year, citing difficult economic conditions exacerbated by U.S. tariffs.

Here are some of the companies that announced layoffs:

CAR AND CAR PARTS MAKERS

* BOSCH: The German home appliance manufacturer will cut 13,000 jobs, it said on September 25.

* CONTINENTAL CONG.DE: The German tire maker plans to cut 1,500 additional jobs at its ContiTech rubber and plastics division, a works council source said on November 24, on top if the 10,000 job cuts announced group-wide in restructuring efforts.

* DAIMLER TRUCK DTGGe.DE: The truckmaker confirmed media reports on August 1 that it would cut 2,000 jobs across its plants in the U.S. and Mexico, on top of the previously announced 5,000 job cuts in Germany.

* MAN: The German truckmaker plans to cut around 2,300 jobs over the next decade, a spokesperson said on November 20.

* RENAULT RENA.PA: The French carmaker confirmed on October 4 it was planning cost cuts but said it had no figures to report yet, after a newsletter reported it would cut 3,000 jobs by year-end in support services at its headquarters and other locations worldwide.

* STELLANTIS STLAM.MI: The automaker expanded its voluntary redundancy scheme for Italy, bringing the total planned workforce reduction to almost 2,500 in 2025, it said on June 10.

* VOLKSWAGEN VOWG_p.DE: The company's CFO said on April 30 it had cut headcount in Germany by around 7,000 since starting cost savings in late 2023.

* VOLVO CARS VOLCARb.ST: The Swedish carmaker will cut 3,000 mostly white-collar jobs as part of a wider restructuring, it said on May 26.

BANKS

* COMMERZBANK CBKG.DE: The German bank said on May 14 it had agreed on terms to cut around 3,900 jobs by 2028.

* LLOYDS LLOY.L: The British bank will consider the dismissal of around half of 3,000 staff to cut costs, a source familiar with the matter told Reuters on September 4.

* ABN AMRO ABNd.AS: The Dutch bank plans to cut 5,200 jobs by 2028, it said on November 25.

ENERGY

* OMV OMVV.VI: The Austrian oil and gas company plans to cut 2,000 positions, or a twelfth of its global workforce, the Kurier newspaper reported on September 4.

INDUSTRIALS AND ENGINEERING

* SIKA  SIKA.S: The Swiss industrial and construction chemicals maker said on October 24 it would cut up to 1,500 jobs in persistently weak markets such as China.

* STMICROELECTRONICS STMPA.PA: The French-Italian chipmaker's CEO said on June 4 that he expected 5,000 staff to leave the company in the next three years, including 2,800 job cuts announced in 2025.

* WACKER CHEMIE WCHG.DE: The German chemical company said on November 27 it would cut
more than 1,500 jobs
, or around 9% of its workforce, by the end of 2026, blaming high energy costs and bureaucratic red tape in Germany.

CONSUMER GOODS

* BURBERRY BRBY.L: The British luxury brand will shed 1,700 jobs or around a fifth of its global workforce, it said on May 14.

* LVMH LVMH.PA: The Financial Times reported on May 1 that the luxury group's wine and spirits unit Moet Hennessy would cut its workforce by about 1,200 employees.

* NESTLE NESN.S: The group will cut 16,000 jobs, or 5.8% of its staff, it said on October 16.

OTHERS

*JUST EAT TAKEAWAY TKWY.AS: The food delivery company's German unit Lieferando plans to cut 2,000 jobs from end-2025, the company said on July 17.

* LUFTHANSA LHAG.DE: The German airline group said on September 28 it would cut 4,000 administrative jobs by 2030.

* KUEHNE+NAGEL KNIN.S: The Swiss freight forwarder will target 1,500 jobs under cost-cutting programme to combat margin pressures and overcapacity, it said on October 23.

* NOVO NORDISK NOVOb.CO: The Danish pharmaceutical company will cut 9,000 jobs globally, it said on September 10.

* ORSTED ORSTED.CO: The Danish wind power group said on October 9 it would cut around 2,000 jobs by the end of 2027, a quarter of its workforce.

* TELEFONICA  TEF.MC: The Spanish telecoms company will cut 5,040 jobs in Spain, affecting up to around 20% of its staff in the country, trade union UGT said on November 24.

Sources: Regulatory filings, Reuters reporting and company websites

 (Compiled by Boleslaw Lasocki, Bernadette Hogg and Mireia Merino in Gdansk; Edited by Matt Scuffham, Helen Reid,  Milla Nissi-Prussak and Anna Pruchnicka)

 ((boleslaw.lasocki@thomsonreuters.com))