New round of job cuts at German-based Siemens

According to business circles cited in a number of newspapers, details of the latest job-cutting plan are strictly confidential and involve one of the most radical savings programmes to be introduced in the companys 160-year history. According to information gleaned from consultations held by different management and employee committees, 12,500 jobs are to be shed in ad ministration worldwide.

Those affected include thousands of senior personnel in upper and middle management as well as numerous other jobs in sales and administration. A total of 2,000 jobs are to be cut in the companys 18,900-employee transport engineering section, which produces trains and track but has consistently failed to meet the profit targets laid down by the executive committee. The shutdown of entire company sections is also quite possible.