Joe Kaiser, CEO of the German multinational Siemens, said the German engineering super giant is going to phase out at least 11,600 jobs in an effort to become more profitable and catch up with rivals.
At a conference webcast in New York this week, Kaeser said about 7,600 positions will be cut shortly as his company works to improve performance metrics. Then another 4,000 people who occupy redundant jobs in the regional division will also be laid off.
According to him, the new structure will help Siemens cut about 1 billion euros in costs by the end of 2016. Some of the staff will be transferred to other positions. The planned cuts are about 3 percent of Siemens' workforce, which operates in electrical engineering, power equipment, transportation, and specializes in providing services in various industries, including metallurgy.
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