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June 24, 2017

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Siemens to cut nearly 12,000 jobs

FRANKFURT -- German industrial giant Siemens said Friday it would eliminate about 11,600 jobs around the world as part of a major restructuring.

Chief executive Joe Kaeser told a conference of investors and analysts in New York on Thursday that a previously announced cost-cutting drive would create "noticeable changes all across the entire organisation", the spokesman, Michael Friedrich, said in a statement.

Some 7,600 positions will be "affected" as part of a company overhaul announced by Kaeser on May 7 in which 16 divisions will be consolidated into nine and certain levels of hierarchy will be eliminated, Friedrich said.

Another 4,000 jobs will be shed as part of a regrouping of regional activities due at the start of the fiscal year on October 1.

The electrical engineering and electronics goliath employs over 360,000 people worldwide making everything from power stations to high-speed trains to medical imaging equipment.

Friedrich said some staff may be redeployed in Siemens divisions that will be reinforced, adding that the company was in talks with the works council on the restructuring.

"It's still too early to provide details on the possible impact on individual locations and departments," he said.

"We're dissolving some organisation units and combining others. As a result, certain tasks — for example, internal coordination between units — will, of course, also be eliminated within the company."

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