JOB CUTS IN GERMANY:
1) Deutsche Bahn -30.000
- Railways made a big loss. Money allocated for the DB, was sent to Ukraine said Baerbock. The cuts are over 5 years.
2) ZF -14.000
- Supplier of car parts is suffering since the car industry is in trouble. Cuts are until 2028. For now the company agreed to fire less, but reduce the working hours and pay for exist employees.
3) Continental -13.000
- The tire manufacturer cut 5000 and wants to cut more by 2028.
4) Volkswagen 5000 - 30,000
- The carmaker planned to cut up to 30,000 but strikes and loan reductions reduced the firings. The politicians also intervene, since VW is a symbol. The total number is unknown.
5) SAP 10,000
- Planned until 2025. SAP offered a voluntary early retirement and 5,300 applied.
6) Audi -4.500
- Carmaker owned by VW has lower sales than hoped.
7) Bosch -3.800
- 5500 world wide, 3,800 in Germany will be cut by 2032 in the car parts manufacturing decisions.
8) Deutsche Bank -3,500
- Due to reduction in profit 3,500 cuts until end 2025. (But Deutsche creates 8,000 jobs in India in the same time)
9) Ford -2.900
- The carmaker cuts due to low electric car sales.
Mike