Elevated inflation levels and the repercussions of the war in Ukraine have compelled numerous European companies to halt hiring or reduce their workforce. Here is a summary of the job cuts announced since the beginning of April:
BANKING: TSB, a British bank owned by Spain's Sabadell, is planning to cut 250 jobs, according to a spokesperson and a union representative on May 8.
INDUSTRIAL AND ENGINEERING: Metso, a Finnish mining equipment manufacturer, announced on May 6 a restructuring of its minerals equipment business, resulting in approximately 240 global job cuts. PKP Cargo, Poland's largest freight company, plans to lay off 30% of its staff, as stated on July 3. Thyssenkrupp, a German conglomerate, announced on April 24 that it will lay off 450 employees in its materials trade division.
RETAIL AND CONSUMER GOODS: Casino, a French supermarket chain, announced on April 24 plans to reduce between 1,293 and 3,267 positions to enhance its financial health. Dyson, the vacuum cleaner manufacturer, will cut around 1,000 jobs in the UK as part of a global restructuring. Haleon, a British consumer healthcare company, announced on April 30 the closure of its UK manufacturing site over the next two years, affecting 435 jobs.
TELECOMS: Telenor announced on April 3 that its Norwegian unit will lay off approximately 100 employees and reduce temporary staff. Vodafone Spain, recently acquired by Zegona Communications, plans to cut up to 1,200 jobs, or just over a third of its workforce, as stated on June 12.
PHARMA: Bayer, a leading pharmaceutical group, continues to reduce managerial positions this year as part of its internal reorganization, according to a top executive on June 26. CureVac, a German pharmaceutical firm, announced on July 3 plans to lay off about 30% of its workforce as part of a restructuring effort.
OTHERS: BASF, a German chemicals company, is considering layoffs at its Harjavalta site in Finland, as announced on April 11. Bouygues Immobilier, the real estate arm of Bouygues, will cut 225 jobs at its property development unit in France, as stated on April 8.
