The economic downturn in Europe, exacerbated by high inflation and the Ukraine war, has led to widespread job cuts across various industries. Since April, numerous companies have announced layoffs, freezes on hiring, or restructuring efforts to stay afloat.
The affected industries include:
- Banking: TSB plans to cut 250 jobs.
- Industrials and Engineering: PKP CARGO will lay off 30% of staff, while THYSSENKRUPP and UMICORE also announced significant job cuts.
- Retail and Consumer Goods: CASINO, DYSON, and UNILEVER are reducing their workforce.
- Telecoms: VODAFONE SPAIN plans to cut up to 1,200 jobs.
- Pharma: BAYER, INDIVIOR, and NOVARTIS are slashing jobs.
- Others: BASF, BP, DEUTSCHE BAHN, INFINEON, MANCHESTER UNITED, SIEMENS GAMESA, TAMEDIA, and UPM have also announced job cuts or restructuring efforts.
#EuropeanEconomy #JobCuts #Inflation #UkraineWar #Business #Layoffs
