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Daily Digit: Job cuts at Siemens

Monday, September 30, 2013 - 01:03

Sept 30 - German engineering giant Siemens is to shed 15,000 jobs over the next year, a third of them in Germany, as part of a 6 billion euro ($8.1 billion) cost cutting programme. Sonia Legg reports

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15,000 is today's daily digit - the number of jobs being axed at Siemens. Europe's biggest engineering firm is trying to close the gap on US-based General Electric and Switzerland's ABB - both have made larger profits in recent months. And Baader Bank's Robert Halver says investors had been expecting the move. (SOUNDBITE) (German) HEAD OF BAADER BANK'S CAPITAL MARKET ANALYSIS, ROBERT HALVER, SAYING: "Globalisation doesn't spare Siemens. Everybody must be slim and trim. It's a shame about the jobs but it's good for profit" The job losses are part of a 6 billion euros cost cutting programme drawn up by former CEO Peter Loescher. He was ousted from the top job two months ago. Unions have already agreed half the cuts - a third of which will be in Germany - but new CEO Joe Kaeser may now be on a collision course with workers' representatives over the rest. Siemens said it made the announcement to end market speculation about the number of job losses. They will take place over the next 12 months leaving German's second biggest company by market value with a workforce of 370,000.

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Daily Digit: Job cuts at Siemens

Monday, September 30, 2013 - 01:03