European companies cut jobs as economy sputters
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 April:
AUTOS
• AUTOLIV: the Swedish airbag and seatbelt maker said on June 8 it plans to cut around 8,000 jobs.
• CONTINENTAL: the automotive parts supplier plans to phase out business activities at its Gifhorn, Germany plant by the end of 2027, initially affecting 450 out of 900 jobs at the site, it said in May.
• STELLANTIS: the carmaker said on June 28 it plans to close its mechanical gearbox plant in Austria, impacting 300 jobs.
• VOLVO CAR: the automaker on May 4 announced 1,300 additional layoffs in Sweden, 6% of its workforce in the country.
FOOD, RETAIL AND CONSUMER GOODS
• ANHEUSER-BUSCH INBEV: the Dutch brewer will lay off hundreds of corporate staff in the US, CNN reported on July 27.
• CARREFOUR: the French retailer said on June 26 it could cut up to 979 jobs in France on voluntary basis.
• HALEON: the Sensodyne toothpaste-maker is looking to cut hundreds of jobs in Britain and worldwide, The Guardian reported on July 13.
INDUSTRIALS AND ENGINEERING
• MARSHALLS: the British building and roofing products supplier said on July 31 it plans to cut 250 jobs.
• SSAB: the Swedish steel maker said on June 16 it has started furlough talks concerning 850 of its 4,700 employees in Finland.
• VARTA: the German battery maker said on June 30 it would cut 88 jobs through a volunteer programme.
TECH
• BT: Britain’s biggest broadband provider said in May it would reduce its total workforce by up to 55,000 jobs by 2030.
• DORMAKABA: the Swiss security group said on July 3 it expects to reduce its full-time equivalent positions by around 800.
• NOKIA: the Finnish telecom equipment maker said on May 3 it plans to cut up to 208 jobs in Finland.
• VIRGIN MEDIA: the British mobile operator is planning to lay off 2,000 employees, The Telegraph reported on July 24.
• VODAFONE: the British telecoms group on June 15 reached an agreement with unions over 1,003 job cuts in Italy and 11,000 jobs globally over three years.
OTHER
• AIR LIQUIDE: the industrial gases firm on July 5 said it might reduce its French workforce by 430 net positions.
• DEUTSCHE BANK: the German 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 had in April said it would cut 800 jobs over the next few years.
• EVONIK: the specialty chemicals producer said on April 3 it would cut 200 jobs.
• PROSIEBENSAT: The German media group said on July 18 it would cut 400 full-time jobs.
• STANDARD CHARTERED: the British bank is 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: the Finnish forestry firm said on June 15 it will cut 1,150 jobs.
• UBS: the Swiss bank unveiled a raft of management changes in its global wealth management business on July 6, affecting roughly 180 former Credit Suisse executives. Credit Suisse is also set to cut more than 40 jobs in one of its China units, two people with direct knowledge of the matter said on July 19.
• UPM-KYMMENE: the Finnish forestry firm said on July 25 it planned to close its Plattling mill in Germany, putting 401 jobs at risk.
• VIAPLAY: the Swedish media group on July 20 announced job cuts affecting more than a fourth of its staff. — Reuters