August 23, 2018 / 10:12 AM / a month ago

Siemens could cut 20,000 jobs as part of 'Vision 2020' strategy: Manager Magazin

FRANKFURT (Reuters) - German engineering giant Siemens sees potential for 20,000 job cuts at its as part of its “Vision 2020” strategy, Manager Magazin said in its online edition on Thursday.

FILE PHOTO: The headquarters of Siemens AG in Munich, Germany, November 9, 2017. REUTERS/Michael Dalder/File Photo

The cost savings will come from slimming down administrative costs in personnel, legal, finance and at its shared services division, Chief Executive Joe Kaeser told investors at a roadhow at the beginning of August, Manager Magazin reported.

Reporting by Edward Taylor; Editing by Douglas Busvine

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