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Siemens May Cut Thousands of Jobs
Siemens AG is in the early stages of formulating a plan to shed thousands of employees because of Europe's deteriorating economy, Boersen Zeitung reports.
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Siemens AG is in the early stages of formulating a plan to shed thousands of employees because of Europe's deteriorating economy, Boersen Zeitung reports.
The cuts could be announced in October or November, according to the Frankfurt-based financial daily, which did not cite its sources.
Siemens disclosed in late July that new orders fell 23% year on year to €17.8 billion in the April-June period. The company warned it would have difficulty meeting its full-year goals. Siemens said it planned to reduce costs, boost productivity and increase efficiency but has not provided details.
The company has 410,000 employees, including 129,000 workers in Germany.
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