Siemens is slashing 12,600 jobs from its global workforce as it seeks to cut £1bn from its costs by 2010 in response to the economic downturn. The company intends to make job cuts primarily in administration-related functions. Plans involve axing around 12,600 jobs worldwide. An additional 4,150 jobs will be affected by restructuring projects. Overall, 16,750 jobs will be affected by the planned cutbacks. "The speed at which business is changing worldwide has increased considerably, and we're orienting Siemens accordingly. Against the backdrop of a slowing economy, we have to become more efficient," said Siemens CEO Peter Löscher. In Germany, about 5,250 jobs will be affected by the planned personnel reductions. Some of these reductions will be achieved by cutting expenditure for IT infrastructure and consultants. At the...
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