After announcing the largest rounds of layoffs in their history, U.S. big tech companies are now learning how difficult it is to reduce headcount in Europe, Bloomberg reported. In the U.S., companies can announce widespread job cuts and let go of hundreds if not thousands of workers within months — and many have. Meanwhile, in Europe, mass layoffs among tech companies have stalled because of labor protections that make it virtually impossible to dismiss people in some countries without prior consultations with employee interest groups.

Complaints from consumers about banks and other financial firms in Germany rose by a fifth last year, official data shows, as regulators flex their muscles to shore up trust in the sector, Reuters reported. BaFin, Germany's financial watchdog, has been increasing its focus on consumer protection in the wake of the collapse of Wirecard, the blue-chip payment company that folded in an accounting scandal.

German technology and stock photography company EyeEm has reportedly filed for bankruptcy and is insolvent, PetaPixel reported. The company originally set itself apart from competitors through its innovative use of artificial intelligence. But Business Insider in Germany reports that it has filed for bankruptcy, the latest in a string of issues that have plagued the company for the last several years. EyeEm attempted to restructure itself internally in 2020, which resulted in the company’s two founders leaving the business.

Switzerland’s banking regulator said it considered putting Credit Suisse Group AG into bankruptcy before deciding on the takeover by UBS Group AG, as the risk of contagion was too great, Bloomberg reported. Finma scoped out various rescue options before the day the bank was sold in the government-backed deal. The lender had faced an “unprecedented” bank run, Finma President Marlene Amstad said at a press conference on Wednesday in the Swiss capital Bern.

A month after being dismissed on live television as chief executive officer of Portuguese airline TAP SA, Christine Ourmieres-Widener remains at the helm of the state-owned carrier, without any guidance from the government on how to run the company, Bloomberg reported. Portugal’s Finance Minister Fernando Medina sacked Ourmieres-Widener at a March 6 press conference broadcast on national television, following criticism about a severance payment of €500,000 ($547,000) to a departing executive board member.

The FTSE 100 lost almost 40 points and ended lower on Tuesday at 7,634.52 points, TipRanks reported. The index opened on a stronger note after reaching a three-week high on Monday. However, towards the closing hours of trading, the stocks went down in sync with their U.S. counterparts. The U.S. equities felt pressure from higher oil prices and weaker employment data. The pound gained strength against the dollar and traded at its highest point above $1.25 since June 2022. This came as a blow to U.K. companies with greater exposure to international markets.

A judge ruled Wednesday that the Dutch government cannot order Amsterdam's Schiphol Airport, one of Europe's busiest aviation hubs, to reduce the number of flights from 500,000 per year to 460,000, dealing a blow to efforts to cut emissions and noise pollution, the Associated Press reported. The ruling came in a summary case brought by airlines and civil aviation organizations led by Dutch carrier KLM that sought to halt the planned cuts unveiled last year.

A glut of cars on the market is to trigger a price war among manufacturers as demand fails to keep pace with supply, analysts have forecast, The Telegraph reported. UBS has estimated that global car production will exceed sales by 6pc this year, leaving an excess of five million vehicles that will require price cuts to shift. A brimming order book for most carmakers means that prices are likely to remain high for the first half of the year, analysts at the bank said.

Deutsche Telekom now holds a majority in T-Mobile U.S., the chief executive of the German telecoms company said on Wednesday, Reuters reported. The company reached a majority stake in T-Mobile U.S late Tuesday, CEO Tim Höttges said at the company's annual general meeting. "We have the majority and are the largest shareholder of the world's most valuable telecommunications company - T-Mobile U.S.," he said. Since 2013, the value of T-Mobile U.S. has increased by 153 billion euros ($167.44 billion).

Hundreds of Google employees staged a walkout at the company’s London offices on Tuesday, following a dispute over layoffs, Reuters reported. In January, Google’s parent company Alphabet announced it was laying off 12,000 employees worldwide, equivalent to 6% of its global workforce. The move came amid a wave of job cuts across corporate America, particularly in the tech sector, which has so far seen companies shed more than 290,000 workers since the start of the year, according to tracking site Layoffs.fyi.