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.

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