business‎ > ‎

Job Cuts At Siemens

posted 30 Sep 2013, 06:48 by Mpelembe Admin   [ updated 30 Sep 2013, 06:48 ]
BVO -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.

HEAD OF BAADER BANK'S CAPITAL MARKET ANALYSIS, ROBERT HALVER:

"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.



Comments