30-09-2013, 08:41 PM
New CEO in action, always means job cut and asset write-downed...
Siemens to cut 15,000 jobs, one third in Germany
MUNICH - Siemens new Chief Executive Joe Kaeser is widening job cuts from an initial plan after the failure to catch up in profitability with rivals General Electric and ABB cost his predecessor the job, Bloomberg News reported on Monday.
Siemens will eliminate 15,000 posts, representing 4 per cent of its 370,000 workers worldwide, and a third of the reduction will come in its German home market, said company spokesman Oliver Santen. Siemens, Europe’s largest engineering company, had first projected some 8,000 job cuts globally, a person familiar with the programme told Bloomberg last October.
About half of the job cuts have already been implemented, while the rest are still being negotiated with unions and will include early retirements.
There is no indication whether there will be cuts in Singapore, where the company has operated for more than a century. Siemens Singapore, which has about 2,150 staff, said: “We do not have the figures according to single locations, countries or facilities.”
Former Chief Executive Peter Loescher lost his post following a July 25 announcement that the Munich-based company won’t meet a goal of profit representing 12 per cent of sales next year. The target involved 6.3 billion euros (S$10.6 billion) in savings at Siemens, which has faced mounting charges for failed power and train projects.
http://www.todayonline.com/business/siem...rd-germany
Siemens to cut 15,000 jobs, one third in Germany
MUNICH - Siemens new Chief Executive Joe Kaeser is widening job cuts from an initial plan after the failure to catch up in profitability with rivals General Electric and ABB cost his predecessor the job, Bloomberg News reported on Monday.
Siemens will eliminate 15,000 posts, representing 4 per cent of its 370,000 workers worldwide, and a third of the reduction will come in its German home market, said company spokesman Oliver Santen. Siemens, Europe’s largest engineering company, had first projected some 8,000 job cuts globally, a person familiar with the programme told Bloomberg last October.
About half of the job cuts have already been implemented, while the rest are still being negotiated with unions and will include early retirements.
There is no indication whether there will be cuts in Singapore, where the company has operated for more than a century. Siemens Singapore, which has about 2,150 staff, said: “We do not have the figures according to single locations, countries or facilities.”
Former Chief Executive Peter Loescher lost his post following a July 25 announcement that the Munich-based company won’t meet a goal of profit representing 12 per cent of sales next year. The target involved 6.3 billion euros (S$10.6 billion) in savings at Siemens, which has faced mounting charges for failed power and train projects.
http://www.todayonline.com/business/siem...rd-germany