Siemens To Cut About 17,000 jobs In Worldwide Operations

Siemens AG plans to slash almost 17,000 jobs worldwide to increase margins as it prepares for a global economic downturn.

Siemens will cut 12,600 jobs globally mainly in administration, aiming to meet its $1.9 billion savings goal and its margin targets by 2010. It plans to eliminate another 4,150 jobs through restructuring programs.

A spokesperson for Siemens Energy & Automation Inc. said he could not provide additional details at this time. “We don’t have a local breakdown on a country level at this time,” he said. “All we can confirm is the information given in the official press release.”