No truth to report 20,000 people will lose their jobs, Siemens says
Munich/Berlin — German engineering giant Siemens said a report by monthly Manager Magazin that it could cut 20,000 jobs as part of its Vision 2020+ strategy was "completely unfounded". "We do not follow the reasoning behind the figures named in the magazine article. No statements of this kind were made," Siemens said on Friday, adding that details of the new strategy were still being worked out. Manager Magazin said on Thursday that Siemens aimed to reap cost savings from slimming down administrative costs in personnel, legal and finance, and at its shared services division, citing comments that CEO Joe Kaeser made to investors at a roadshow at the beginning of August. The report comes after Siemens unveiled its new strategy earlier in August, which sees its five industrial divisions combined into three operating companies to simplify the trains to turbines company and make its structure leaner. Under the changes, Siemens said it expected to lift the annual growth rate and profit ma...
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