Key Points
- DNB and UniCredit have announced significant layoffs and restructuring plans to address competition and economic uncertainties.
- Dyson and Unilever are executing layoffs as part of global restructuring initiatives. Telia will lay off 3,000 employees in 2024.
- Companies like Airbus, Deutsche Bahn, and Infineon are trimming their workforces in response to inflation and operational challenges.
- Shell and Indivior also plan job cuts as part of industry-wide challenges, with workforce reductions spanning various countries.
As inflation continues to impact economies across Europe and the effects of the war in Ukraine ripple through industries, numerous companies have announced significant job cuts or hiring freezes since July. These layoffs span sectors from banking and industrials to retail and telecommunications. Below are the key announcements made by companies across Europe in recent months.
In September, the Norwegian lender DNB revealed that it would reduce its workforce by 500 full-time jobs over the next six months. The move comes in response to anticipated lower interest rates and rising competition in the banking sector. In October, Italian bank UniCredit signed an agreement with labor unions to execute 1,000 voluntary redundancies. At the same time, the company will create 500 new roles as part of a restructuring plan.
The Swedish battery maker Northvolt announced it would lay off 1,600 employees in September. This includes 1,000 positions at its Northvolt Ett factory in Skellefteå, Sweden, as part of cost-cutting measures. In July, Dyson, the renowned British vacuum cleaner manufacturer, revealed plans to cut about 1,000 jobs in the UK. This move is part of a global restructuring effort. In July, the consumer goods giant Unilever stated that it intends to reduce its office workforce by one-third across Europe by the end of 2025 as part of its cost-cutting strategies.
In September, the Swedish telecom operator Telia announced that it is preparing to cut around 3,000 jobs in 2024 as it restructures its operations amid growing competition. The drugmaker Indivior announced in July that it would lay off around 130 employees after discontinuing the sale of its schizophrenia drug Perseris.
The aerospace giant Airbus said in October that it would cut up to 2,500 jobs in its Defence and Space division by mid-2026 as it seeks to streamline operations. In July, the German rail operator Deutsche Bahn revealed plans to reduce its workforce by 30,000 jobs, equivalent to 9% of its total employees, as part of a restructuring effort.
In August, German chipmaker Infineon announced it would cut 1,400 jobs globally and relocate another 1,400 positions to countries with lower labor costs. The English Premier League club Manchester United is reportedly considering cutting 250 jobs as part of a broad redundancy program announced in July.
Poland’s largest freight company, PKP Cargo, plans to reduce its staff by 30%, an announcement it made in July as part of restructuring efforts. According to reports in August, energy giant Shell plans to reduce its oil and gas exploration workforce by 20%, particularly in the Netherlands and Britain. Swiss media company Tamedia announced in August that it would close two printing facilities and lay off nearly 300 employees as it restructures its operations.
Finnish forestry group UPM plans to cut up to 110 jobs in its Fibres Finland business by October 2025, with further reductions in Germany affecting 338 jobs. The company also plans to close its biocomposites business, affecting 59 jobs in Finland and Germany. In October, Norwegian fertilizer maker Yara stated that its planned production changes at its Tertre plant in Belgium could result in 115 layoffs, particularly after closing its ammonia unit.
