European Companies Announce Major Job Cuts Amid Economic Slowdown
Several European companies have announced job cuts or hiring freezes in 2025, citing a slowing economy and growing pressure from U.S. tariffs. The wave of layoffs spans industries from automotive and banking to luxury goods and energy, reflecting a broad economic downturn across the region.
🚗 Car and Auto Parts Manufacturers
Renault confirmed plans for cost reductions but has not disclosed exact figures. A French newsletter reported the company may cut 3,000 jobs in support services by year-end, affecting its Boulogne-Billancourt headquarters and other global offices.
Bosch, the German appliance and automotive parts maker, will cut 13,000 jobs due to weak demand and rising production costs.
Daimler Truck said it will reduce its workforce by 2,000 positions in the U.S. and Mexico, adding to 5,000 cuts in Germany announced earlier.
Stellantis expanded its voluntary redundancy program in Italy, targeting nearly 2,500 job cuts by 2025.
Volkswagen reported a reduction of 7,000 employees in Germany since launching its cost-saving program in late 2023.
Volvo Cars will also cut 3,000 white-collar jobs as part of a global restructuring initiative.
🏦 Banking Sector
Commerzbank reached an agreement to eliminate 3,900 jobs by 2028.
Lloyds Banking Group may lay off nearly 1,500 employees as part of a broader cost-cutting review, according to Reuters sources.
⚡ Energy Industry
OMV, the Austrian oil and gas group, plans to cut 2,000 positions—around 8% of its global workforce—as reported by Kurier.
🏗️ Industrials and Engineering
STMicroelectronics, the French-Italian semiconductor manufacturer, expects around 5,000 employees to leave the company over the next three years, including 2,800 cuts in 2025.
💼 Consumer Goods
Burberry will shed 1,700 jobs, or roughly 20% of its global staff, as part of a major cost-saving effort.
LVMH will cut about 1,200 positions at its Moët Hennessy wine and spirits unit, according to the Financial Times.
✈️ Other Sectors
Just Eat Takeaway’s German unit, Lieferando, plans to reduce 2,000 delivery jobs by late 2025 to optimize its business model.
Lufthansa will cut 4,000 administrative roles by 2030 as part of a digital transformation plan.
Novo Nordisk, the Danish pharmaceutical giant, announced a global reduction of 9,000 jobs to streamline operations and improve efficiency.
These announcements highlight the challenges faced by European firms as they adapt to sluggish demand, rising costs, and geopolitical uncertainty.
