Siemens scraping 7,800 jobs worldwide to cut costs

Feb. 9, 2015 – Industrial machinery maker Siemens AG says it will cut 7,800 administrative jobs worldwide as part of an effort to streamline the sprawling company and its many businesses.

The company said in a statement last week that 3,300 of the job losses will be in Germany.

Siemens CEO Joe Kaeser said the cuts were part of an ongoing restructuring whose aim was to “get the company back on a sustainable growth path and close the profitability gap to our competitors.”

The cuts would save 1 billion euros ($1.14 billion) this year alone that the company could put into growth initiatives such as research and development, said the company, adding that overall head count would remain roughly the same.

The company has not said if the cuts will affect Canadian jobs.

— With files from The Associated Press