Several European companies have frozen hiring or cut jobs this year, citing difficult economic conditions exacerbated by U.S. tariffs. A Reuters report notes that firms across automotive, banking, energy, consumer goods and other sectors have announced layoffs.
In the automotive sector, Bosch plans to cut 13,000 jobs, Continental aims to reduce its workforce by 1,500, and Daimler Truck will eliminate 2,000 positions at its U.S. and Mexico plants, on top of the 5,000 jobs already announced for Germany. Renault, Stellantis and Volkswagen have also disclosed job cuts or restructuring plans.
The banking industry is similarly affected. Commerzbank intends to cut around 3,900 jobs by 2028, Lloyds may dismiss up to half of its 3,000 staff, and ABN AMRO aims to eliminate 5,200 positions by 2028.
In energy, OMV will cut 2,000 jobs, roughly one‑twelfth of its global workforce. The industrials and engineering sector sees reductions at Sika, which plans to cut up to 1,500 jobs, and STMicroelectronics, which expects 5,000 staff to leave over the next three years.
Consumer‑goods companies are also trimming staff. Burberry will shed 1,700 jobs, about a fifth of its global workforce; Moët Hennessy, LVMH’s wine and spirits unit, will cut roughly 1,200 positions; and Nestlé plans to cut 16,000 jobs, or 5.8 % of its staff. Additional cuts have been announced by Just Eat Takeaway’s German unit Lieferando (2,000 jobs from the end of 2025), Lufthansa (4,000 administrative jobs by 2030) and Novo Nordisk (9,000 jobs globally).
These reductions reflect the challenging economic environment facing European companies, intensified by U.S. tariffs and other factors. With the outlook remaining uncertain, more firms are likely to announce further job cuts or restructuring in the coming months.
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