European companies slash jobs due to inflation, war

Elevated inflation and the ongoing war in Ukraine have led to a wave of layoffs across Europe, affecting multiple sectors. The banking sector has seen significant cuts, with TSB, the British bank owned by Spain’s Sabadell, announcing plans to cut 250 jobs and close 36 branches as of May 8.

Retail and consumer goods companies have also been affected. French supermarket chain Casino will cut between 1,293 and 3,267 positions to improve its financial situation.

Retailer Ted Baker will close 15 stores in Britain, leading to nearly 250 job losses, while consumer goods giant Unilever plans to cut a third of all office roles in Europe by the end of 2025.

Moreover, the tech sector is experiencing layoffs, with Telecoms Group Telenor reducing its workforce by around 100 employees in Norway.

Vodafone Spain, now owned by Zegona Communications, plans to cut up to 1,200 jobs, over a third of its workforce. Dyson, the vacuum cleaner manufacturer, will eliminate about 1,000 jobs in Britain as part of a global restructuring.

Other sectors are facing layoffs as well. Premier League club Manchester United proposes cutting about 250 jobs as part of a redundancy programme.

BP has cut over 100 jobs—more than a tenth of its workforce—in its EV charging business. Swedish debt collector Intrum will reduce “several hundred” staff as part of cost-cutting measures.

Norwegian classifieds group Schibsted will cut around 250 jobs in the Nordic region. Siemens Energy’s wind turbine division, Siemens Gamesa, plans to cut 4,100 jobs, or about 15 per cent of its workforce.
Finally, Finnish forestry group UPM-Kymmene will close a newsprint mill and a fine paper machine in Germany, affecting 345 jobs.

These layoffs highlight the ongoing economic challenges in Europe amid inflationary pressures and geopolitical instability.