real-time news and commentary for investors
Sunday, Sep 29
Siemens to cut 15,000 jobs
- Siemens (SI) intends slash 15,000 positions over the next year as part of its €6B cost-savings program, with a third of the headcount reduction to come in Germany.
- The conglomerate has reached a deal with unions for around half the cuts and expects an agreement over the half.
- The cuts comes as Siemens attempts to close the gap with more profitable competitors such as GE and ABB.
- Siemens expects to end the fiscal year, which finishes tomorrow, with 370,000 employees, the same as last year.