German companies in Fortune 500 Europe announced over 60,000 layoffs in 2024

German companies in the Fortune 500 Europe announced more than 60,000 job reductions this year. Major German employers such as BOSCH and Siemens are laying off tens of thousands of employees in an attempt to combat falling profits after the COVID pandemic.

These companies make up the backbone of Germany – the biggest economy in Europe. They have been struggling to address macroeconomic challenges, accompanied by rising energy prices and falling external demand.

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Layoffs not limited to Germany’s manufacturing sector

Earlier this month, German industrialist and autos supplier BOSCH announced its plans to eliminate 7,000 positions at the company due to a “difficult economic situation”. This came after the group decided to trim its staff size by 5,500 employees.

Nonetheless, the pain has not been limited to Germany’s manufacturing sector. This month, tech conglomerate Siemens said it could cut up to 5,000 jobs in its automation business after profits reduced by nearly 50% in its flagship digital industries business.