Several European companies have frozen hiring or cut jobs this year, citing difficult economic conditions exacerbated by US tariffs. According to a Reuters report, numerous firms have announced layoffs, with the affected industries ranging from automotive and banking to energy and consumer goods.
In the automotive sector, companies such as Bosch, Continental, and Daimler Truck have announced significant job cuts. Bosch plans to cut 13,000 jobs, while Continental aims to reduce its workforce by 1,500. Daimler Truck will cut 2,000 jobs across its US and Mexico plants, in addition to the 5,000 job cuts previously announced in Germany. Other automotive companies, including Renault, Stellantis, and Volkswagen, have also announced job cuts or restructuring plans.
The banking industry has also been impacted, with Commerzbank, Lloyds, and ABN AMRO announcing job cuts. Commerzbank plans to cut around 3,900 jobs by 2028, while Lloyds may dismiss up to half of its 3,000 staff. ABN AMRO aims to cut 5,200 jobs by 2028.
In the energy sector, OMV plans to cut 2,000 positions, representing a twelfth of its global workforce. The industrials and engineering sector has also seen job cuts, with Sika and STMicroelectronics announcing reductions. Sika plans to cut up to 1,500 jobs, while STMicroelectronics expects 5,000 staff to leave the company over the next three years.
The consumer goods industry has also been affected, with companies such as Burberry, LVMH, and Nestle announcing job cuts. Burberry will shed 1,700 jobs, representing around a fifth of its global workforce. LVMH’s wine and spirits unit, Moet Hennessy, will cut its workforce by about 1,200 employees. Nestle plans to cut 16,000 jobs, or 5.8% of its staff.
Other companies, including Just Eat Takeaway, Lufthansa, and Novo Nordisk, have also announced job cuts. Just Eat Takeaway’s German unit, Lieferando, plans to cut 2,000 jobs from the end of 2025. Lufthansa will cut 4,000 administrative jobs by 2030, while Novo Nordisk plans to cut 9,000 jobs globally.
These job cuts reflect the challenging economic conditions facing European companies, exacerbated by US tariffs and other factors. As the economic outlook remains uncertain, it is likely that more companies will announce job cuts or restructuring plans in the coming months.