German industrial giant Siemens will cut 4% of its workforce after continued profit drops.
A new cost-cutting programme to be introduced at German industrial company, Siemens is likely to result in up to 15,000 jobs being cut.
So far it appears as though 5,000 of these jobs will be shed from the German side of the operation. While the further 10,000 jobs will be cut abroad.
Siemens currently has a workforce of 370,000 employees, meaning about 4% of the total workforce will be cut due to the cost-cutting measures.
It has so far been agreed that 2,000 jobs will go from Siemens industrial unit and 1,400 from its energy and infrastructure business. The company employs 13,000 people in Britain.
The company’s profitability has been dropping in recent times, and as a result, former chief executive, Perter Loescher was sacked earlier this year.
A company spokesman said Siemens, along with its unions, had reached an agreement over about half of the job cuts and a deal on the other half would follow.
The spokesman said the company was trying to avoid compulsory redundancies.