Siemens has announced that it will cut 7.800 jobs of which 3.300 in Germany. The measure is part of the reorganization plan announced last May.
CEO Joe Kaeser aims to streamline the structures and improve the competitiveness of the conglomerate. The division into four sectors has therefore been canceled from this exercise and the number of units has been reduced from 16 to 9. Siemens also wants to divest activities considered non-core such as hearing systems. The restructuring measures are expected to lead to savings of €1 billion by the end of 2016.
