WRAPUP 2-Europe job woes spread as Ericsson, ING, Commerzbank cut

Wed Nov 7, 2012 10:13am EST
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* Top companies across Europe plan wide job cuts

* Pain spreads to Sweden as exporters feel euro zone impact

* Ericsson joins ING, Kloeckner in new layoff moves

By Simon Johnson and Patrick Lannin

STOCKHOLM, Nov 7 (Reuters) - Companies as diverse as telecoms equipment group Ericsson, bank ING, steel group Kloeckner and engineering firm Bombardier announced sweeping job cuts on Wednesday as economic worries spread across some of Europe's strongest economies.

Even previously safe haven Nordic states like Sweden have had to adjust to lower demand. World number one mobile telecom network equipment maker Ericsson said it was cutting 9 percent of staff there.

Germany's second-biggest lender, Commerzbank, was reported by newspaper Die Zeit to be set to cut 5,000-6,000 jobs and Dutch financial group ING said it aimed to lose more than 2,000 jobs worldwide.

That would add to the 10,000 jobs in the financial sector which Swiss giant UBS plans to cut.

European Central Bank President Mario Draghi said on Wednesday that investors were returning to the euro zone, , but the European Commission forecast barely any growth in the single currency area next year.   Continued...