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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