"Kuhne+Nagel is eliminating significantly more jobs than planned, the Schwyz-based company said. It will scrap over 2,000 positions this year, up from 1,000 to 1,500 originally planned. The reason for the cuts is financial, intended to generate savings of 150 million francs, which exceeds the previous target of 110 million francs."
"Kuhne+Nagel is the latest in a long lineup of companies in Switzerland that are planning to cut hundreds or even thousands of jobs or have already done so. Among them are Helvetia Baloise insurance group, which will eliminate between 1,400 and 1,800 jobs in Switzerland over the next three years. Some 3,000 UBS employees will also lose their jobs in Switzerland."
"Jobs are being cut not only in the private sector, however. Due to funding cuts by the United States, thousands of employees of Geneva-based United Nations organisations have been let go as well, with more expected to be fired in 2026."
Kuhne+Nagel, a major Swiss logistics group, is eliminating over 2,000 positions in 2024, doubling its initial redundancy target of 1,000 to 1,500 jobs. The cuts aim to generate 150 million francs in savings, exceeding the previous 110 million franc goal. This announcement reflects a broader trend of job losses across Switzerland's economy. Major companies including UBS, Novartis, Helvetia Baloise insurance group, and public broadcaster SRG are implementing significant workforce reductions. Additionally, Geneva-based United Nations organizations have laid off thousands of employees due to U.S. funding cuts, with further dismissals anticipated in 2026. Despite these widespread redundancies, economists suggest Switzerland's job market outlook remains relatively stable.
Read at www.thelocal.ch
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