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Siemens AG to cut 7800 jobs worldwide


FRANKFURT: Siemens AG, a giant German multinational conglomerate company is to slash 7,800 jobs worldwide that is 2% of its work force, over 3,300 of them in Germany and remaining from the world, as a part of  restructuring and drive down cost aimed at saving 1 billion Euros.



According to the officials of Siemens, they decides to restructure the hierarchy of management that will result in faster decision making process and would save 1 billion Euros or $1.14 billion that will again reinvest for innovation and growth initiatives. By the end of 2016, we will able to conclude about the productivity gain after this structural change.

Joe Kaeser CEO of Siemens AG said, “Our Vision 2020 concept will enable us to get our company back on sustainable growth path and close the profitability gap to our competitors.”

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