German automotive supplier Schaeffler has announced plans to cut 4,700 jobs globally due to a significant decline in earnings amid the ongoing car industry slump. The company's third-quarter earnings fell by nearly 80% year-over-year, prompting the need for restructuring measures. This decision aims to improve profitability and adjust to the changing market conditions.

Source: https://www.bloomberg.com/news/articles/2024-11-05/schaeffler-to-cut-4-700-jobs-as-earnings-plunge-on-car-slump