It’s not just Microsoft, Google, or Amazon — top European companies have also laid off a massive number of employees since April; here’s what you need to know

While Microsoft, Google, and Amazon have dominated headlines with sweeping layoffs during the past few months, European corporations are also freezing hiring or cutting jobs to cope with the rough economic conditions, accelerated by US president Donald Trump's tariff policies, and continuous weak demand for many products, as per a report.

Here's a closer look at some of the major layoffs in Europe recently, as compiled by Reuters:

Car and Auto Parts Manufacturers Hit With Layoffs

Stellantis

The Netherlands-based automaker on May 8, in an agreement with trade unions, announced 200 voluntary redundancies at its Termoli plant in central Italy, reported Reuters

On May 7, the Fiom-Cgil union also shared that the carmaker would also reduce around 500 jobs through voluntary exits at its Melfi assembly plant in southern Italy, which currently employs about 5,000 workers, as per the report.

While, Stellantis also temporarily fired 900 employees at five US facilities on April 3, after the Trump administration's tariff announcement, Reuters reported.

Volkswagen

The German-based carmaker revealed that it had cut its workforce in Germany by about 7,000 employees since it started cost savings at the end of 2023, as per Reuters.

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Volvo Trucks

The Sweden-based track manufacturing company has planned to lay off about 800 employees at three United States facilities over the next three months, a spokesperson revealed on April 18, reported Reuters.

Volvo Cars

The Sweden-based carmaker announced on May 7 that it planned to cut 5% of its workforce at its US plant in Charleston, South Carolina because of its changing market conditions and evolving trade policies, like tariffs, as per a report.

Bank Are Also Feeling The Strain

Commerzbank

The German lender announced May 14 that it had reached an agreement with works council to reduce some 3,900 positions by 2028 in a plan designed to achieve more ambitious profitability goals, according to the report.

HSBC

The bank will reduce 348 positions in France through a voluntary redundancy program that will impact roughly 10% of employees in the nation, as per Reuters.

UBS

Switzerland's largest bank told Italy's unions on April 1 of a plan to shed 180 jobs, about a third of its Italian staff, according to the report.

Industrial and Engineering Companies Adapting to Economic Volatility

STMicroelectronics

The French-Italian semiconductor maker announced on April 30 that it would eliminate about 1,000 jobs in France as part of a wider cost-cutting strategy with 2,800 dismissals, as per Reuters.

Syensqo

The Belgian chemicals producer is accelerating its restructuring efforts, including eliminating some 200 jobs for reasons of uncertainty over demand as a result of worldwide economic instability, according to the report.

Retail and Consumer Goods to Undergo Radical Change

Auchan

The French supermarket chain said on May 8 it would reduce 710 jobs and close 25 stores in Spain to adapt to changing habits of shoppers, according to Reuters.

Burberry

The UK luxury group will cut 1,700 jobs, or nearly 20% of its worldwide employees, as it seeks to reduce costs and boost its performance, as per the report.

LVMH

Luxury powerhouse owner of Louis Vuitton and Moët Hennessy said on May 1 that it would eliminate around 1,200 positions in its wine and spirits business, according to Financial Times.

Other Sectors Also Feeling the Pain

ProSiebenSat.1

The German media conglomerate said on May 7 that it would reduce 430 full-time jobs as part of its digital transformation, reported Reuters.

FAQs

Why are so many European companies laying off workers right now?
Companies across Europe are struggling with tough economic conditions, including weak demand and rising costs, some of which have been made worse by US trade tariffs, as per Reuters.

How are banks responding to the economic slowdown?
Banks like Commerzbank, HSBC, and UBS are cutting down their workforces to reach new profitability goals, as per Reuters.