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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts