Siemens to Cut 7,800 Jobs

Wall Street Journal ^ | Feb. 6, 2015 | NEETHA MAHADEVAN and ARCHIBALD PREUSCHAT

[thackney]

Siemens AG on Friday said it would cut more than 2% of its workforce around the world as part of an aggressive plan to overhaul the business.

The company will trim 7,800 jobs globally, of which 3,300 are expected in Germany, after the management and labor council met Thursday. The job cuts will be mainly among administrative and overhead employees, Siemens said.

The staff reductions, which will be completed within two years, will cost Siemens in mid- to high-three-digit range in millions of euros, a person familiar with the matter told The Wall Street Journal. The cost includes previously announced cutbacks at its power and gas business, the person said.

The move is a part of Siemens’s broader restructuring to rid bureaucracy and simplify structures, trimming the number of divisions to nine from 16, in a bid to save about €1 billion ($1.13 billion) in operating costs. The savings will be realized in large measure by the end of 2016 and reinvested in growth initiatives, mostly in Germany, Siemens said.

[tgusa]

“The job cuts will be mainly among administrative and overhead employees, Siemens said.”

Prolly plenty of fat to cut there. Hopefully, the HR Nazis will get to cut themselves.

[thackney]

overhead employees

Meaning people that used to have billable work, but moved to overhead with the loss of work from clients, and not anticipated to pick up new work soon???

[jsanders2001]

Obama’s “magic” at work again. Setting new records for one man’s ability to completely destroy other people’s lives:

http://www.dailyjobcuts.com/

The libs will never admit that Obamacare is killing jobs everwhere even though evidence abounds everyday now.

[Vaquero]

Hopefully, the HR Nazis will get to cut themselves.

Siemens and Nazis? I seem to remember something about that?

I hope my brother's job is safe.

[KC_Conspirator]

Ah, the Obamaeconomy at work, throwing more Americans out in to the street.