Several European companies have frozen hiring or cut jobs over the past year, including consumer goods giants and some of the major brands in the automotive sector, citing difficult economic conditions exacerbated by U.S. tariffs.
The automotive industry in particular was hit hard in recent years, first by rising competition from China, but then also pressure stemming from quickly changing trade policies of the new U.S. administration.
Danish companies such as Orsted, which operates in the wind energy sector and pharmaceuticals giant Novo Nordisk have also announced layoffs.
Orsted, last year, canceled plans to build one of the U.K.'s largest offshore wind farms, while it also faced headwinds in the U.S. due to the policies of the Trump administration, which increasingly promotes fossil fuels. The administration suspended leases on several large offshore wind projects in December.
At the same time, Novo Nordisk, which has previously boomed amid growing demand for weight loss medications, announced it would cut as many as 9,000 jobs, and it also issued a warning last week that its profits and sales could drop as much as 13% this year.
On Wednesday, Dutch brewer Heineken became the latest one to say it would reduce its workforce.
Here is a look at some of the companies that announced layoffs in recent months.
Bosch: The German home appliance manufacturer will cut 13,000 jobs, it said on Sept. 25.
Continental: The German tire maker plans to cut 1,500 additional jobs at its ContiTech rubber and plastics division, a works council source said on Nov. 24, on top of the 10,000 job cuts announced group-wide in restructuring efforts.
Daimler Truck: The truckmaker confirmed media reports on Aug. 1 that it would cut 2,000 jobs across its plants in the U.S. and Mexico, on top of the previously announced 5,000 job cuts in Germany.
Man: The German truckmaker plans to cut around 2,300 jobs over the next decade, a spokesperson said on Nov. 20.
Renault: The French carmaker confirmed on Oct. 4 that it was planning cost cuts but said it had no figures to report yet, after a newsletter reported it would cut 3,000 jobs by year-end in support services at its headquarters and other locations worldwide.
Lloyds: The British bank will consider the dismissal of around half of 3,000 staff to cut costs, a source familiar with the matter told Reuters on Sept. 4.
Abn Amro: The Dutch bank plans to cut 5,200 jobs by 2028, it said on Nov. 25.
OMV: The Austrian oil and gas company plans to cut 2,000 positions, or a 12th of its global workforce, the Kurier newspaper reported on Sept. 4.
Ams Osram: The Austrian semiconductor supplier and sensor maker will launch a cost-cutting programme that will affect about 2,000 employees, it said on Feb. 10.
ASML: The Dutch chip equipment maker said on Jan. 28 it would cut 1,700 jobs, some 3.8% of its staff, as part of a broader plan to shed 3,000 management posts and hire engineers to focus on innovation.
Sika: The Swiss industrial and construction chemicals maker said on Oct. 24 it would cut up to 1,500 jobs in persistently weak markets such as China.
Thyssenkrupp: The German industrial group's steel division said on Dec. 1 it had agreed with the IG Metall union to cut or outsource about 11,000 jobs, or 40% of its workforce, in an agreement lasting until 2030.
Wacker Chemie: The German chemical company said on Nov. 27 it would cut more than 1,500 jobs, or around 9% of its workforce, by the end of 2026, blaming high energy costs and bureaucratic red tape in Germany.
Burberry: The British luxury brand will shed 1,700 jobs or around a fifth of its global workforce, it said on May 14.
Heineken: The Dutch brewer will cut up to 6,000 jobs globally over the next two years as strained consumer finances, bad weather and geopolitical tensions take their toll, it said on Feb. 11.
Nestle: The group will cut 16,000 jobs, or 5.8% of its staff, it said on Oct. 16.
Ericsson: The Swedish telecommunications equipment maker will cut some 1,600 jobs in Sweden, it said on Jan. 15, as it weathers a prolonged downturn in telecoms spending.
Lufthansa: The German airline group said on September 28 it would cut 4,000 administrative jobs by 2030.
Kuehne+Nagel: The Swiss freight forwarder will target 1,500 jobs under a cost-cutting programme to combat margin pressures and overcapacity, it said on Oct. 23.
Novo Nordisk: The Danish pharmaceutical company will cut 9,000 jobs globally, it said on Sept. 10.
Orsted: The Danish wind power group said on Oct. 9 it would cut around 2,000 jobs by the end of 2027, a quarter of its workforce.
Telefonica: The Spanish telecoms company will cut more than 4,500 jobs in Spain, union representatives said on Dec. 17 following negotiations.
