Siemens cuts 7,400 jobs

Siemens cuts 7,400 jobs

German technology company Siemens wants to cut 7,400 jobs worldwide to save costs, according to the CEO. The Siemens board has not yet confirmed the news.

Employees with high wages

Internal sources have told Bloomberg that Siemens intends to cut costs by letting 2 % of its total staff go. More than 3,000 jobs would be cut in its home territory, Germany.

 

Employees with higher wages and more indirect costs would be targeted in this round of redundancies. CEO Joe Kaeser had already said last year that Siemens had to cut costs in the order of 1 billion euro. One of the plans was to simplify its regional activities. 

 

Kaeser says 18 % of its total 72 billion euro turnover comes from onerous divisions and the company had to announce a 4.1 % first quarter profit drop, down to 1.8 billion euro.

Questions or comments? Please feel free to contact the editors


Ceconomy (former Metro) mainly achieves online growth

31/08/2017

Ceconomy, the newly-formed electronics company that split off from the Metro Group, grew 1.1 % in its first independent quarter. The owner of Media Markt and Saturn saw its web shops outperform physical stores.

New owner for smartphone manufacturer HTC?

28/08/2017

Taiwanese technology company HTC may be looking for a new owner as competition is becoming stronger. The company is now looking for options to raise funds for a battle plan.

Twelve-year sentence for Samsung's vice-president?

07/08/2017

Prosecutors in the Samsung corruption case have demanded a 12-year sentence for its former vice-president and de facto CEO of the South Korean company at the time, Jay Y. Lee, who has been charged with bribery and embezzlement.

Apple sales drop smaller than expected

02/08/2017

Apple has sold more iPhones in the third quarter of its fiscal year than it did last year, which was a surprisingly more positive feat than analysts had expected. Compared to the second quarter, there was further decline though.

Ceconomy (Media Markt) acquires quarter of Fnac Darty

26/07/2017

Ceconomy, Metro Group’s former consumer electronics division containing Media Markt and Saturn, acquired 24.3 % of Fnac Darty’s shares from the Pinault family.

 Blokker adds household appliance specialist AO.nl to Nextail

21/07/2017

Blokker Holding’s online organization, Nextail, will enter a strategic collaboration with online household appliance specialist AO.nl’s Dutch division.

Back to top