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Siemens to Cut Up to 15,000 Jobs

Stocks in this article: SI

BERLIN -- Germany engineering company Siemens (SI) says it will cut up to 15,000 jobs worldwide by the end of 2014.

German news agency dpa reported Sunday that the company wants to cut 5,000 jobs in Germany and another 10,000 jobs abroad.

A Siemens spokesman, whose name was not given, told dpa that the cutbacks will not necessarily mean that all the workers will lose their jobs, since some could be transferred to other departments.

Siemens could not immediately be reached for comment.

The Munich-based company has around 370,000 employees and makes a wide range of industrial machinery, including trains, power generators and transmission equipment, and medical scanners.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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