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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.
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