Inflation and conflict in Ukraine lead to job cuts across Europe

Rising inflation and the continuing fallout from the Ukraine war have prompted companies across Europe to halt hiring and reduce their workforces. Below are some of the major layoffs announced since June:

Banking

• DNB: Norwegian bank DNB revealed on September 10 that it plans to cut 500 full-time jobs over the next six months in anticipation of lower interest rates and increased competition.

Industrial and engineering

• PKP Cargo: Poland’s largest freight forwarder, PKP Cargo, announced on July 3 that it will cut 30% of its workforce.
• Umicore: The Belgian metal recycler revealed on June 19 that 14% of jobs in its German automotive catalytic converter division will be cut by 2027.

Retail and consumer goods

• Dyson: The British vacuum cleaner maker said in July it would cut around 1,000 jobs as part of a global restructuring.
• Unilever: The consumer goods giant announced in July that it will cut a third of its jobs in its European offices by the end of 2025.

Telecommunications

• Telia: Swedish telecom operator Telia revealed on September 4 that it plans to cut approximately 3,000 jobs by 2024.
• Vodafone Spain: Following its acquisition by Zegona Comunicaciones, Vodafone Spain plans to lay off up to 1,200 employees, or more than a third of its workforce, it announced on June 12.

Pharmaceutical products

• Bayer: On June 26, a Bayer executive confirmed that the company will continue to cut management roles in 2023 as part of an internal restructuring.
• ndivior: The pharmaceutical company announced on July 9 that it would cut about 130 jobs after discontinuing sales of its schizophrenia drug, Perseris.

Others

• Deutsche Bahn: The German rail operator announced plans on July 25 to cut 30,000 jobs, representing 9% of its workforce.
• Infineon: The German chipmaker said on Aug. 5 it would cut 1,400 jobs globally and move an additional 1,400 positions to lower-cost locations.
• Manchester United: The football club is proposing to cut around 250 jobs as part of a redundancy programme, a source said on 3 July.
• Shell: The energy giant will cut its oil and gas workforce by 20%, with most of the reductions coming in the Netherlands and the UK, company sources said on August 29.
• Tamedia: Swiss media company Tamedia announced on August 29 that it will close two printing facilities and lay off nearly 300 employees to cut costs.
• UPM: The Finnish forestry group revealed on 21 August its plans to close a newsprint mill and stop operations of a paper machine in Germany, affecting 338 jobs. On 26 August, the company also announced that it would close its biocomposites business by the end of 2024, affecting 59 jobs in Finland and Germany.

(According to Reuters data)

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