Siemens announces big job cuts

German engineering giant Siemens announced Tuesday that it will cut almost 17,000 positions from its global workforce in an effort to streamline operations.
Siemens plans to slash 4.2 percent of its global 435,000-strongworkforce and most of the cuts will be in administration and management services, the Munich-headquartered company said.
The move is part of the giant's plan to reduce overhead costs by 1.2 billion euros (around 1.8 billion U.S. dollars) over the next two years.
"Our aspirations are clear, we want a lean administration in a growing company," said Siemens CEO Peter Loescher.
"Against the backdrop of a slowing economy, we have to become more efficient," said Loescher, who has launched a push to overhaul Siemens since taking over as the company's chief about 12months ago.
In Germany, Siemens said about 5,250 workers will lose their jobs. The company employs approximately 136,000 people in the country.
Unions have warned of strike action in the face of job losses.
Last week, Siemens union leader Werner Moenius described the plans as "a catastrophe," adding that they had been "dropped like a bomb" and warned that industrial action might be necessary. Talks with unions over the cuts would begin as soon as possible, said Loescher.
Source:Xinhua