Siemens to cut 7,800 jobs globally

Engineering giant Siemens has announced another round of massive cutbacks as it continues its aggressive push to overhaul its operations. The move comes after disappointing results in its first quarter.

Europe’s biggest engineering company, Siemens AG, reported Friday it would cut 7,800 jobs worldwide. It said 3,300 of the reductions would affect the firm’s Germany-based operations.
Due to in-house job guarantee agreements, redundancies would be ruled out, staff manager Janina Kugel said.

CEO Joe Kaeser said that with its Vision 2020 concept the company aspired to return to sustainable growth and close the current profitability gap between Siemens and its competitors.
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Source News: DW