BRUSSELS, Belgium: A growing number of major European companies are rolling out job cuts or hiring freezes this year as economic conditions worsen, with many firms citing weaker demand and the drag from U.S. tariffs.

The announcements span industries from autos to banking, consumer goods, and energy, signalling that the slowdown is broad-based.

Below are some of the most significant job cuts announced so far.

Car and Car Parts Makers

Bosch – The German home appliance maker said on September 25 that it will cut 13,000 jobs.

Continental – The tyre maker plans to cut 1,500 additional jobs at its ContiTech rubber and plastics division, according to a November 24 works council source. This is on top of 10,000 group-wide reductions already underway.

Daimler Truck – The truckmaker confirmed on August 1 that it will cut 2,000 jobs in the U.S. and Mexico, in addition to 5,000 roles previously announced in Germany.

MAN – The German truckmaker plans around 2,300 job cuts over the next decade, a spokesperson said on November 20.

Renault – The carmaker said on October 4 it is planning cost cuts but has not disclosed figures, following reports of 3,000 planned job losses in support functions.

Stellantis – The automaker expanded its voluntary redundancy programme in Italy, bringing planned cuts to almost 2,500 this year.

Volkswagen – The company said on April 30 it had reduced headcount in Germany by about 7,000 since late 2023.

Volvo Cars – On May 26, the Swedish carmaker announced 3,000 job cuts, mostly in white-collar roles, as part of a restructuring drive.

Banks

Commerzbank – The German lender agreed on May 14 to eliminate around 3,900 jobs by 2028.

Lloyds – The British bank is considering cutting about half of its 3,000 roles to reduce costs, a source said on September 4.

ABN AMRO – The Dutch bank said on November 25 it plans to cut 5,200 jobs by 2028.

Energy

OMV – The Austrian oil and gas firm plans to cut 2,000 positions—about one-twelfth of its global workforce—according to a September 4 report.

Industrials & Engineering

Sika – The Swiss chemicals maker said on October 24 it will cut up to 1,500 jobs in persistently weak markets, including China.

STMicroelectronics – The chipmaker's CEO said on June 4 that he expects 5,000 employees to leave in the next three years, including 2,800 cuts announced for 2025.

Consumer Goods

Burberry – The British luxury brand will cut 1,700 jobs, about 20 percent of its global workforce, it said on May 14.

LVMH – The company's Moët Hennessy unit will cut around 1,200 jobs, the Financial Times reported on May 1.

Nestlé – The food giant said on October 16 that it will cut 16,000 jobs, or 5.8 percent of its workforce.

Others

Just Eat Takeaway – Its German unit, Lieferando, will cut 2,000 jobs by the end of 2025.

Lufthansa – The airline group said on September 28 that it will cut 4,000 administrative roles by 2030.

Kuehne+Nagel – The freight forwarder said on October 23 that it will cut 1,500 jobs under a cost-saving plan.

Novo Nordisk – The pharmaceutical company will cut 9,000 jobs globally, it said on September 10.

Orsted – The wind power group said on October 9 it will cut about 2,000 jobs by 2027, a quarter of its workforce.

Telefonica – The Spanish telecoms firm will cut 5,040 jobs in Spain, affecting up to 20 percent of its local staff, union UGT said on November 24.