The announced job cuts in global electronics company Siemens has no effect on the stock market. The official figures from Munich exceed even the leaked prior information yet. The group announced that a total of 7800 points are dropped worldwide. 3300 jobs are to be lost in Germany alone.
The price of the Company’s shares not fired the official announcement of massive job cuts. The paper of the electrical group remained one percent in the red. According to a dealer contain the information “nothing new”. Ahead was already known that in addition to disappear around 1200 points in the energy sector.
What sites Siemens how many jobs will be cut. (Source: AP) Nationwide most meet the planned cuts to Erlangen with 900 points. In Nuremberg, around 300 jobs eliminated, at its headquarters in Munich about 500 jobs.
In North Rhine-Westphalia it comes to a total of around 300 jobs at several sites, including Mülheim and Duisburg. The remaining 1,300 posts to be degraded in Germany, spread over a number of Siemens offices – including, of course Berlin. At these locations, the degradation is gonna be a less accurate figures to initially could not even be mentioned, however. On Thursday it was revealed that Siemens is planning massive job cuts.
“Vision 2020″
You will now promptly enter into discussions with employee representatives and constructive search for socially acceptable solutions, said the new Siemens HR manager Kugel. Redundancies should be in accordance with applicable agreements avoided in the company.
Kaeser had launched the largest restructuring of the Group for 25 years in May 2014.. Under the slogan “Vision 2020″ the Sector division of the business was tilted and reduces the number of divisions from 16 to nine. Medical technology is spun off, and the sale of non-core activities such as hearing aids division is part of the concept.
With the conversion Siemens wants to reduce the costs by one billion euros. The savings are in innovation, increased productivity and growth investing, such as Siemens said.
A bad start to the financial year
The management had previously discussed with employee representatives. This first numbers on the proposed job cuts were already leaked. Käsers goal is to bring the electric giant total more up to speed and improve customer service.
Business, it ran for Siemens least not around. For the first quarter of the current fiscal year (September 30), had Kaeser must submit a profit slump. This was due to interest rate effects. But Siemens is also struggling with problems in major energy business.
The IG Metall initially had not commented on the plans to cut jobs. Employee representatives see the cuts but long critical. “I’m sick of that time and again staff reduction is promoted as no alternative solution,” said Chairwoman Birgit Steinborn.
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