Factbox: European companies cut jobs in response to slowing economy

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10/09/2025 07:13

Adds Ericsson, Novo Nordisk, Reach

Sept 10 (Reuters) - Difficult economic conditions, exacerbated by U.S. President Donald Trump's tariffs, and persistently weak demand for many products have forced European companies to freeze hiring or cut jobs.

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

CAR AND CAR PARTS MAKERS

* BOSCH - The German car parts maker will cut up to 1,100 jobs by 2029 as sales drop amid a rapidly worsening auto market, a senior company official said on July 22.

* 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, in addition to the previously announced 5,000 job cuts in Germany.

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

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

*VOLVO VOLVb.ST: The Swedish truck maker's spokesperson said in April it planned to lay off as many as 800 workers at three U.S. facilities over the next three months.

* VOLVO CARS VOLCARb.ST: The Swedish carmaker will cut 3,000 mostly white-collar jobs as part of a wider restructuring as it grapples with high costs, a slowdown in EV demand and uncertainty over trade tariffs, it said on May 26.

On May 7, Volvo Cars said it would cut 5% of the workforce at its factory in South Carolina due to changing market conditions and evolving trade policies.

BANKS

* COMMERZBANK CBKG.DE: The German bank said on May 14 it had agreed with the works council on terms to cut around 3,900 jobs by 2028, part of a strategy to help it deliver more ambitious profit targets.

* HSBC HSBA.L: The lender plans to cut 348 jobs in France through a voluntary redundancy scheme, amounting to about 10% of its workforce in the country, it said on May 14.

* LLOYDS LLOY.L: The British bank will consider the dismissal of around half of 3,000 staff who are judged to be in the bottom 5% to cut costs, a source familiar with the matter told Reuters on September 4.

* UBS UBSG.S: Switzerland's largest bank informed unions in Italy on April 1 of plans to cut 180 jobs in the country, around a third of its workforce there, documents reviewed by Reuters showed.

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.

* UNIPER UN0k.DE: The state-owned utility said on July 3 it will cut 400 jobs, or around 5%, of its staff in a challenging energy market environment.

INDUSTRIALS AND ENGINEERING

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

* SYENSQO SYENS.BR: The Belgian chemicals maker is speeding up restructuring measures, which include cutting around 200 jobs, due to demand uncertainty caused by global economic turmoil, it said on May 15.

MEDIA

* PROSIEBENSAT.1 PSMGn.DE: The German media group will cut 430 full-time positions as part of its digital transformation, it said on May 7.

* REACH RCH.L: The publisher of Britain's Daily Mirror will shed 321 jobs in a restructuring that will also create 135 new roles, according to an internal memo to staff on September 8.

RETAIL AND CONSUMER GOODS

* AUCHAN: The French supermarket group will cut 710 jobs and close 25 stores in Spain, it said on May 8.

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

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

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

OTHERS

* ERICSSON ERICb.ST: The Swedish telecom equipment maker has laid off 100 technical employees in Canada, the Globe and Mail reported on September 8, citing cost streamlining and workforce consolidation.

* NOVO NORDISK NOVOb.CO: The Danish pharmaceutical company will cut 9,000 jobs globally in a restructuring effort that aims to save 8 billion Danish crowns ($1.25 billion) annually, the company said on September 10.

Sources: Regulatory filings, Reuters reporting and company websites

($1 = 0.8806 euros)

($1 = 6.3754 Danish crowns)

 (Compiled by Boleslaw Lasocki and Bernadette Hogg in Gdansk; Edited by Milla Nissi-Prussak, Tomasz Janowski, Philippa Fletcher)

 ((boleslaw.lasocki@thomsonreuters.com))