Siemens AG, Europe’s largest engineering company, plans to cut 16,750 jobs as it seeks to boost profit margins to the level of its competitors. Siemens aims to eliminate 5,250 jobs in Germany, Chief Executive Officer Peter Loescher said in a speech handed to reporters today in Munich, where the company is based. The reductions represent about 3.9 percent of the workforce. Another 4,150 further positions will be “affected” by the company’s reorganization, the CEO said. More

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Posted by markw, filed under Economy. Date: July 8, 2008, 4:18 pm |

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