Millennium Post
Business

Siemens to cut 15,000 jobs worldwide

German engineering and technology giant Siemens said on Sunday that it plans to slash 15,000 positions worldwide by late next year as part of a cost-cutting drive, including 5,000 in its home country.

The company aimed for many voluntary redundancies and to redeploy some staff within the vast conglomerate, which makes products from gas turbines to rail equipment to health care goods.

'The ongoing and planned workforce adjustments in the context of Siemens 2014 are about 15,000 positions worldwide, of which about 5,000 are in Germany,' the Munich-based company said in a statement.

The ongoing 'Siemens 2014' drive in total aims to save more than six billion euros ($8.1 billion). The company in July appointed Joe Kaeser as the new chief executive, replacing ousted Peter Loescher, days after Siemens had announced its second profit warning in two months.
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