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Siemens seeks thousands of job cuts-paper
August 21, 2012 / 6:02 AM / 5 years ago

Siemens seeks thousands of job cuts-paper

FRANKFURT, Aug 21 (Reuters) - German engineering conglomerate Siemens is in preliminary discussions about thousands of job cuts as it responds to a weaker economy, particularly in Europe, a German newspaper reported.

Internal talks about job cuts are at an early stage and decisions could be made in October or November, daily Boersen-Zeitung said, without specifying its sources.

Siemens, which has more than 400,000 staff, in July reported a big drop in new orders as customers put off investments due to Europe’s crisis, saying full-year goals would be hard to meet.

CEO Peter Loescher said at the time Siemens would have to cut costs and become leaner.

Boersen-Zeitung said the planned cutbacks marked an about-turn as Siemens had over the past 15 months increased headcount by 23,000 globally - including 6,000 in Germany,

Siemens was not immediately available for comment. (Reporting by Ludwig Burger; Editing by David Cowell)

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