Companies across Europe are facing mounting economic pressures, leading to widespread layoffs across multiple sectors. From banking to manufacturing, weak demand and challenging market conditions are forcing organizations to make tough decisions.
In the banking sector, Norwegian lender DNB announced plans to cut 500 full-time jobs over the next six months. Similarly, Santander is reducing its UK workforce by more than 1,400, while Italian giant UniCredit agreed to 1,000 voluntary redundancies.
Automotive and industrial sectors are also feeling the strain. Michelin will shut down two facilities in France, cutting 1,250 jobs. German parts maker Schaeffler plans to reduce its workforce by 4,700, citing weak demand from auto and industrial clients. Swedish battery manufacturer Northvolt is laying off 1,600 employees.
Retail is not exempt from the wave of cuts. French supermarket chain Auchan plans to eliminate over 2,000 positions due to declining store traffic.
Other sectors experiencing layoffs include telecoms, aerospace, and energy. Swedish telecom operator Telia will cut 3,000 jobs in 2024, while Airbus plans to shed 2,500 roles in its Defence and Space division by 2026. Energy giant Equinor announced it will reduce its renewable energy staff by 20%.
The trend reflects the broader challenges facing European industries as they navigate economic headwinds, reduced consumer spending, and intense competition.
