Several firms have frozen hiring or reduced staff this year, citing tough economic conditions worsened by U.S. tariffs.
Economic uncertainty continues to hit Europe as multiple companies have frozen hiring or announced workforce reductions in 2025, citing challenging market conditions and trade tensions with the U.S.
According to a Reuters report citing regulatory filings and company statements, the affected companies include major players in automotive, banking, energy, industrials, and consumer goods.
Automotive & Car Parts
- BOSCH (Germany): 13,000 jobs cut
- CONTINENTAL (Germany): 1,500 additional cuts at ContiTech, adding to 10,000 already cut group-wide
- DAIMLER TRUCK (Germany/US/Mexico): 2,000 more jobs, on top of 5,000 in Germany
- MAN (Germany): Around 2,300 jobs over the next decade
- RENAULT (France): Planned 3,000 job cuts in support services worldwide
- STELLANTIS (Italy): Workforce reduction reaches 2,500
- VOLKSWAGEN (Germany): 7,000 jobs cut since late 2023
- VOLVO CARS (Sweden): 3,000 mostly white-collar roles
Banking
- COMMERZBANK (Germany): 3,900 jobs by 2028
- LLOYDS (UK): Considering 1,500 job dismissals
- ABN AMRO (Netherlands): 5,200 jobs by 2028
Energy
- OMV (Austria): 2,000 positions cut
Industrials & Engineering
- SIKA (Switzerland): Up to 1,500 jobs due to weak markets like China
- STMICROELECTRONICS (France/Italy): 5,000 staff exits over three years, including 2,800 in 2025
Consumer Goods & Luxury
- BURBERRY (UK): 1,700 jobs cut
- LVMH (France): 1,200 jobs in Moet Hennessy unit
- NESTLE (Switzerland): 16,000 jobs, 5.8% of workforce
Other Sectors
- JUST EAT TAKEAWAY (Germany): 2,000 jobs at Lieferando
- LUFTHANSA (Germany): 4,000 administrative jobs by 2030
- KUEHNE+NAGEL (Switzerland): 1,500 jobs cut
- NOVO NORDISK (Denmark): 9,000 global job cuts
- ORSTED (Denmark): 2,000 jobs by 2027
- TELEFONICA (Spain): 5,040 jobs, about 20% of staff in Spain
Analysts say these layoffs reflect broader economic headwinds in Europe, including slowing growth, inflation pressures, and trade disputes, signaling a challenging period ahead for workers and businesses alike.