Layoffs in Companies
With the US Federal Reserve (Fed) and other major central banks in a holding mode regarding the interest rate cycle, increasing geopolitical tensions and high inflation, many companies are working to reduce their costs.
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While high inflation and interest rates increase companies’ credit costs, they also reduce households’ purchasing power, which has a negative impact on companies’ profit margins.
Many of Europe’s leading companies are experiencing declines in sales and profits due to economic uncertainty, leading to layoffs.
Layoffs in Companies
- Unilever:It has decided to reduce one third of office workers in Europe by the end of 2025.
- TSB:The British bank will cut 250 jobs and close 36 branches.
- Metso:It decided to part ways with its 240 employees.
Layoffs in Different Sectors
| Company | Planned Layoffs |
|---|---|
| Umicore | Plans 14 percent reduction in German automotive catalysts division. |
| PKP Cargo | It will part ways with approximately 30 percent of its employees. |
| Casino | It will lay off between 1,293 and 3,267 employees. |
