Siemens Set to Cut 4,500 jobs
German industrial giant Siemens that produces electronics, trains and turbines plans to cut 4,500 jobs. It is about 1 percent of its total global workforce. This news came as the company announced its quarterly profits down 5 percent at 1.7 billion euros, BBC reports.
Only about 2,200 of jobs will be cut from Siemens’ German procedure. Siemens employs more than 340,000 people in 200 countries of the word. The company faces hard and aggressive competition in the global market in terms of price decline and regulatory changes in the market.
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