Across Europe, a number of major corporations have moved to reduce headcount or halt hiring over the past year, attributing actions to deteriorating market conditions. The workforce changes extend across multiple sectors - from automotive and suppliers to semiconductors, banking, energy, industrials, consumer goods and logistics - and range from several hundred roles to multi-thousand position programs announced with explicit timelines.
Below is a company-by-company account of announced cuts, as stated by the firms or reported on the dates noted.
Carmakers and parts suppliers
- BOSCH: The German home appliance manufacturer said on September 25 that it will reduce its workforce by 13,000 jobs.
- CONTINENTAL: On November 24 a works council source said the German tire maker planned to cut an additional 1,500 roles at its ContiTech rubber and plastics division, on top of 10,000 job cuts already announced group-wide as part of restructuring efforts.
- DAIMLER TRUCK: 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 a previously announced 5,000 job reduction in Germany.
- MAN: A spokesperson said on November 20 that the German truckmaker intends to cut around 2,300 jobs over the next decade.
- RENAULT: The French carmaker confirmed on October 4 that it was planning cost reductions, noting it had no figures to report at the time, after newsletter reporting that it would cut 3,000 jobs by year-end in support services at its headquarters and other locations worldwide.
Banks
- LLOYDS: A source familiar with the matter told reporters on September 4 that the British bank would consider dismissing around half of 3,000 staff as a cost-cutting measure.
- ABN AMRO: The Dutch bank said on November 25 that it plans to cut 5,200 jobs by 2028.
Energy
- OMV: The Kurier newspaper reported on September 4 that the Austrian oil and gas company plans to cut 2,000 positions, equal to about a twelfth of its global workforce.
Semiconductors and related equipment
- AMS OSRAM: The Austrian semiconductor supplier and sensor maker said on February 10 that it will start a cost-cutting programme affecting about 2,000 employees.
- ASML: The Dutch chip equipment maker said on January 28 that it would cut 1,700 jobs, about 3.8% of its staff, as part of a broader plan to eliminate 3,000 management posts while hiring engineers focused on innovation.
Industrials and engineering
- SIKA: The Swiss industrial and construction chemicals maker indicated on October 24 that it would cut up to 1,500 jobs in persistently weak markets such as China.
- THYSSENKRUPP: The German industrial group said on December 1 that its steel division had agreed with the IG Metall union to cut or outsource roughly 11,000 jobs, representing about 40% of its workforce, under an agreement running until 2030.
- WACKER CHEMIE: The German chemical company said on November 27 that it would eliminate more than 1,500 positions, around 9% of its workforce, by the end of 2026, citing high energy costs and bureaucratic red tape in Germany.
Consumer goods
- BURBERRY: The British luxury brand said on May 14 that it will cut 1,700 jobs, roughly one fifth of its global workforce.
- HEINEKEN: The Dutch brewer said on February 11 that it will cut up to 6,000 jobs globally over the next two years, citing strained consumer finances, bad weather and geopolitical tensions.
- NESTLE: The group said on October 16 that it will cut 16,000 jobs, equivalent to 5.8% of its staff.
Other sectors
- ERICSSON: The Swedish telecommunications equipment maker said on January 15 that it will cut approximately 1,600 jobs in Sweden amid a prolonged downturn in telecoms spending.
- LUFTHANSA: The German airline group said on September 28 that it would cut 4,000 administrative jobs by 2030.
- KUEHNE+NAGEL: The Swiss freight forwarder said on October 23 it will target 1,500 jobs as part of a cost-cutting programme to address margin pressures and overcapacity.
- NOVO NORDISK: The Danish pharmaceutical company said on September 10 that it will cut 9,000 jobs globally.
- ORSTED: The Danish wind power group said on October 9 that it would cut around 2,000 jobs by the end of 2027, equal to about a quarter of its workforce.
- TELEFONICA: Union representatives said on December 17 that the Spanish telecoms company will cut more than 4,500 jobs in Spain following negotiations.
These announcements cover a variety of mechanisms - immediate reductions, multi-year reduction targets, divisional cuts, outsourcing agreements and restructuring programmes - and affect both production and corporate functions. The measures have been disclosed on specific dates, with firms providing varying levels of detail about timing, affected divisions and the stated reasons for the reductions.
While the scope and scale of the programmes differ by company and sector, the moves collectively reflect a trend of firms adjusting their headcounts in response to what they describe as challenging market dynamics.