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Siemens carves 4,500 more jobs

Siemens AG, Berlin, Germany, said this week it will cut 4,500 more jobs, on top of the 7,400 it announced last year, as part of a restructuring plan. Siemens employs more than 300,000 people worldwide. The restructuring is part of a plan by Joe Kaeser, chief executive since July 2013, to streamline the conglomerate by reducing the number of divisions and the hierarchy within them to save €1 billion and boost profitability.

IndustryWeek: Siemens to Cut 4,500 Jobs Worldwide