Germany - Again massive job cuts at Siemens - March 31, 2016

Siemens plans to cut 2,500 jobs related to its oil, gas and mining businesses, with the bulk of the job losses (2000 jobs) in Bavaria. The Munich-based engineering giant blamed ‘increasing competitive intensity’ in the commodity sector for the losses. In order to improve profitability, the new chief executive has worked (since July 2013) to simplify operations and reduced Siemens’s workforce by roughly 13,000 jobs to around 348,000 employees. Trade union IG Metall criticised the massive cuts and reminded the company of earlier promises restoring calm.

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