Siemens could cut up to 20,000 jobs: report

August 23, 2018
Siemens CEO Joe Kaeser sees potential to cut up to 20,000 jobs at the engineering giant as part of a major cost-cutting drive, a German magazine reported

German engineering giant Siemens sees potential for axing up to 20,000 jobs worldwide as part of a major cost-cutting drive, the monthly Manager Magazin reported on Thursday.

According to the of the magazine, Siemens chief executive Joe Kaeser told an investors' roadshow earlier this month that 20,000 administrative jobs could become superfluous under the group's "Vision 2020+" strategy.

The cuts would only affect administration in Siemens' headquarters, not jobs at its production sites, the magazine said.

Siemens was not immediately available for comment when contacted by AFP.

The group, which makes , trains, industrial robots and , unveiled the planned revamp at the beginning of August, when it published a 14-percent drop in bottom-line earnings in the second quarter.

As part of the overhaul, Siemens plans to reduce the number of industrial units from five to three to make them more independent and better able to respond quickly to market demands.

Siemens currently employs a workforce of nearly 380,000 worldwide.

Explore further: Siemens shares nosedive on overhaul plan, energy woes

Related Stories

Siemens says profits up on global upturn

January 31, 2018

German engineering giant Siemens said Wednesday that profits jumped in the first quarter, driven by rising demand for its products in areas ranging from renewable energy and trains to industrial robots.

Siemens to revamp IT unit, cut 4,200 jobs

March 18, 2010

German industrial giant Siemens announced on Thursday a broad restructuring of its SIS information technology division that includes the elimination of 4,200 jobs worldwide.

Recommended for you

Privacy becomes a selling point at tech show

January 7, 2019

Apple is not among the exhibitors at the 2019 Consumer Electronics Show, but that didn't prevent the iPhone maker from sending a message to attendees on a large billboard.

China's Huawei unveils chip for global big data market

January 7, 2019

Huawei Technologies Ltd. showed off a new processor chip for data centers and cloud computing Monday, expanding into new and growing markets despite Western warnings the company might be a security risk.

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.