28 Jun
Siemens to cut 17,200 jobs
CNN—Conglomerate Siemens AG, wracked by a wide-ranging corruption scandal, will cut up to four percent of its work force worldwide, or about 17,200 jobs, a pair of newspapers reported Saturday. The Sueddeutsche Zeitung reported that the Munich-based company was set to shed the jobs — mostly white-collar and administrative — without citing any sources. The Wall Street Journal also reported a similar figure, citing a person who was familiar with the matter. Siemens did not comment on either report, only to say that it did not comment on market rumors. The German paper said that of the cuts to the company’s global work force of approximately 435,000 staffers, some 6,400 could come in Germany, where it employs around 136,000 people. More
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