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European Edition
24th April 2025
 
THE HOT STORY
Citi to close Málaga office that promised bankers better work-life balance
Citigroup is closing its beachside office in the southern Spanish city of Málaga less than three years after opening the hub to offer junior investment bankers a better work-life balance. Some of the Malaga-based workers may end up being reassigned to Paris or London. Meanwhile, “our primary Spanish location is Madrid, where we employ more than 220 people who are not impacted by this action,” Citi said. “Citi continues our strategic growth in Spain with a strong presence in our core business lines, which include investment banking, wealth and markets.”
CORPORATE
Euro zone firms 'were seeing improved business momentum before tariffs'
A European Central Bank survey has said companies in the euro zone were reporting improved business momentum in the weeks leading up to the Trump administration's tariff announcement earlier this month - mainly indicative of an incipient recovery in the industrial sector. The ECB survey of 79 leading non-financial companies showed that while uncertainty remained high, there were indications of recovering demand for machinery and equipment, and also signals that construction activity was turning a corner, Reuters reports.
STRATEGY
Hundreds ousted from Volkswagen's Bratislava plant
Volkswagen's Bratislava plant is laying off hundreds of contractors due to a production adjustment linked to the underperformance of the Audi brand. Lucia Kovarovič Makayová, spokesperson for Volkswagen Bratislava, said: “The reason is the adjustment of the production plan based on the requirements of individual brands.” Despite claims from the Demokrati opposition party that the layoffs are a direct consequence of a 25% tariff imposed by U.S. President Donald Trump, the company maintains that the changes are standard practice in response to fluctuating demand.
Intel plans major job cuts
Intel is reportedly planning to reduce its workforce by over 20% under new CEO Lip-Bu Tan, who aims to streamline management and foster an engineering-focused culture. The company has faced declining sales, struggling to compete with rivals like Nvidia in the AI sector. Last year, Intel cut approximately 15,000 jobs, leaving it with 108,900 employees.
Swiss solar panel maker announces reduction in workers' hours
Meyer Burger, a Swiss solar panel manufacturer, is to implement reduced working hours for approximately 300 employees at its German facility from 1 May due to temporary material shortages. The company has also adjusted operations at its Arizona plant, alternating daily between technical work and solar module production to address the same supply constraints.
REMUNERATION
UK employer pay rises hold at 3%
Pay increases granted by UK employers stayed at 3% in the three months to March, according to figures from human resources data company Brightmine. "Currently the data isn't showing any signs of a knee-jerk reaction to recent national insurance changes," said Sheila Attwood, Brightmine's senior content manager. "However, we do know that employers are taking a watch and wait approach, so we expect to see that reflected in the second half of this year."
WORKFORCE
Dutch meat industry is underpaying migrant workers
Staffing agencies in the Dutch meat industry have been found guilty of underpaying migrant workers following rulings from the Gelderland District Court. One case involved a worker who lost nearly €9,000 in wages due to misclassification as a new hire, despite having worked for the same company for three years. The court ordered the agency to compensate him, along with additional unpaid short-time compensation. Another worker was similarly affected, with the court ruling he is owed over €11,000 in unpaid wages. CNV trade union official Henry Stroek highlighted that these errors indicate a “structural problem” within the industry. The Netherlands Labour Inspectorate has acknowledged the issue, with Minister Eddy van Hijum considering a ban in sectors with frequent violations.
ECONOMY
High-speed rail revolutionises southern Italy
Italy is set to enhance its high-speed railway network with a new 145-kilometre line connecting Naples and Bari, significantly reducing travel time from four hours to just two. The project, costing over €6bn, is partly funded by the EU's COVID-19 recovery fund and is expected to be completed by 2028. Alessio Forestieri from Pizzarotti described it as "a revolutionary project," linking two major ports and seas. The initiative aims to combat depopulation in the underdeveloped south, where over 200,000 young graduates have left in the past decade. Giuseppe Cirillo from state-controlled railway group Ferrovie dello Stato emphasised the importance of the line in providing commuting options for residents, saying: "Activating the line is crucial, especially for all those inland areas and villages that have been suffering severe depopulation in recent years."
INTERNATIONAL
Boeing seek to set new values following ‘brutal' employee feedback
Boeing employees have significant distrust in their senior leadership, according to an internal survey shared by CEO Kelly Ortberg. Only 27% of participants said they would recommend Boeing as a workplace, and the survey, with an 82% participation rate, showed a decline in company pride, dropping from 91% in 2013 to 67% this year. Employees trust their direct managers more than senior leaders, with less than half saying they were confident in leadership's decision-making abilities. “I look at this as an opportunity for us to really understand what it is we need to do . . . to improve the culture of the company,” Ortberg told managers. “When we (improve the culture), people are going to be more motivated,” he continued. “Good things happen. People enjoy coming to work. And so as leaders of the company, it's really up to us to make that happen, enable that in the organisation.” A California-based engineer who asked to remain anonymous to protect their job said: “We hear the same message all the time (but) it's all different between what you say you're going to do and what the actual action is.”
Trump to reclassify federal workers to enable more firings
The Trump administration is implementing a move that will enable far more firings of federal employees. The office of personnel management (OPM) has published a new rule that invokes what is known as “Schedule F” in order to reclassify 50,000 federal workers. The rule can make civil servants into political appointees or other at-will workers, who are more easily dismissed from their jobs, and means they’ll have less civil service protection. “If these government workers refuse to advance the policy interests of the President, or are engaging in corrupt behaviour, they should no longer have a job,” Trump wrote on on his Truth Social platform. “This is common sense, and will allow the federal government to finally be ‘run like a business.’”
PwC executives exit amid tensions
PwC is undergoing significant leadership changes in the Middle East to improve relations with Saudi Arabia's Public Investment Fund (PIF) after facing a one-year ban from new advisory work. The firm announced that key figures, including Mohamed ElBorno and Emma Campbell, will be stepping down. The decision follows PwC's attempt to recruit Jason Davies, a former chief internal audit officer at Neom, which is said to have contributed to the deteriorating relationship with the PIF. Despite the challenges, PwC's Middle East operations, which employ 12,000 staff across 12 countries, reported a 26% increase in sales, highlighting the region's importance to the firm's overall performance.
 


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