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by Mark Halper, ME Editorial Staff
Posted on Tuesday, July 08, 2008 12:15:33 PM Sign Up to receive Daily News Alerts in your E-mail Inbox    | Abstract: | Earlier reports prove true as the German automation and industrial giant announces that it will shrink its workforce by 4% to cut costs. |
| Keywords: | Siemens layoffs, Siemens cut jobs |
Siemens’ layoff picture came into focus today as the German industrial giant announced it is eliminating 16,750 mostly white-collar jobs. The 4% reduction effectively confirms last week’s speculative reports that Siemens would eliminate 17,000 of its 430,000 jobs.
“The speed at which business is changing worldwide has increased considerably, and we’re orienting Siemens accordingly,” President and CEO Peter Löscher said in a prepared statement. “Against the backdrop of a slowing economy, we have to become more efficient.”
That statement echoed remarks Löscher made two weeks ago, when he warned of cuts to help stay competitive in difficult financial times. Siemens’ profits plunged 67% in its second quarter. The €72.4 billion company is scheduled to report third-quarter financial results at the end of this month.
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