Siemens to cut 15,000 jobs

Sep 29, 2013, 9:02 AM EDT
People walk out of an office building of Siemens AG in Berlin July 29, 2013.
REUTERS/Fabrizio Bensch

German engineering group says it will cut 15,000 jobs over the next year as part of a €6 billion cost savings plan to close the gap with more profitable rivals General Electric and ABB. The cuts are part of a plan drawn up by Peter Loescher, who was ousted two months ago. One-third of the jobs to be cut are in Germany.

TAGS: Siemens AG