Siemens Plans To Cut 11,600 Jobs : Report

(RTTNews) - German conglomerate Siemens AG (SI) plans to eliminate about 11,600 positions in its effort to save about 1 billion euros in costs, Bloomberg reported.

During a webcast on Thursday, CEO Joe Kaeser reportedly said the planned cuts include 7,600 that will go as the company aims to create a leaner divisional structure. Another 4,000 positions will be cut as the company simplifies regional operations. Some of the employees will be assigned other roles.

The report also indicated that the company is negotiating with labor representatives to determine the final number of job reductions.