European companies cut jobs in response to slowing economy

RTÉ News​

27-05-2025

Difficult economic conditions, exacerbated by US President Donald Trump's tariffs, and persistently weak demand for many products have forced companies across Europe to freeze hiring or cut jobs.
Here are some of the layoffs announced since the beginning of April:
Car and car parts makers
STELLANTIS - The automaker agreed with trade unions to implement up to 200 voluntary redundancies at its Termoli plant in central Italy, it said on May 8.
The Fiom-Cgil union said on May 7 that Stellantis would also cut up to 500 jobs through voluntary exits at its Melfi assembly plant in southern Italy, which employs around 5,000 people.
On April 3, Stellantis said it would temporarily lay off 900 workers at five US facilities in response to the Trump administration's tariff announcement.
VOLKSWAGEN - The German carmaker's CFO said on April 30 it had cut headcount in Germany by around 7,000 since starting cost savings in late 2023.
VOLVO - The Swedish truck maker plans to lay off as many as 800 workers at three US facilities over the next three months, a spokesperson said on April 18.
VOLVO CARS - The Swedish carmaker will cut 3,000 mostly white-collar jobs as part of a restructuring announced in April as it grapples with high costs, a slowdown in EV demand and uncertainty over trade tariffs, it said on May 26.
On May 7, Volvo Cars said it would cut 5% of the workforce at its US plant in Charleston, South Carolina due to changing market conditions and evolving trade policies.
Banks
COMMERZBANK - The German bank said on May 14 it had agreed with the works council on terms to cut around 3,900 jobs by 2028, part of a strategy to help it deliver more ambitious profit targets.
HSBC - The banking giant plans to cut 348 jobs in France through a voluntary redundancy scheme, amounting to about 10% of its workforce in the country, it said on May 14.
UBS - Switzerland's largest bank informed unions in Italy on April 1 of plans to cut 180 jobs in the country, around a third of its workforce in the country, documents reviewed by Reuters showed.
Industrial and engineering
STMICROELECTRONICS - The French-Italian chipmaker said on April 30 it would cut around 1,000 jobs in France, more than a third of the 2,800 layoffs planned in its cost-cutting programme.
SYENSQO - The Belgian chemicals maker is speeding up restructuring measures, which include cutting around 200 jobs, due to demand uncertainty caused by global economic turmoil, it said on May 15.
Retail and consumer goods
AUCHAN - The French supermarket group will cut 710 jobs and close 25 stores in Spain as it seeks to adapt to changing habits of shoppers, it said on May 8.
BURBERRY - The British luxury brand will shed 1,700 jobs, or around a fifth of its global workforce, to cut costs to help revive its performance, it said on May 14.
LVMH - The Financial Times reported on May 1, citing an internal video, that the luxury group's wine and spirit unit Moet Hennessy would cut its workforce by about 1,200 employees.