Top 30 Industrial Firms in Germany Lead in Layoffs

The select circle of 30 members of the leading German market index DAX is also leading in terms of announcing major layoffs. Volkswagen will fire 27,000; Continental Tyres 13,000; Lufthansa 11,000; ZF 7,500; MAN Trucks 7,000; BMW 6,000; Bayer 4,500; Schaeffler 4,400; Daimler 4,000, With the exception of Lufthansa and Bayer, these are all companies in the automobile sector. In addition, BMW is not extending contracts with another 10,000 leasing workers. The layoffs also affect the machine-building sector, 40% of whose production goes into the automobile industry: The first half year of 2020 has seen the layoff of 32,000 in this industry.