Siemens Cuts Jobs In Germany

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It’s bad news for 2,400 German employees as Berlin-based electronics company Siemens AG downsizes its staff as part of a “major restructuring” of Siemens Business Services (SBS). Siemens shares were up after the news.

According to Information Week, the layoffs at “money-losing” SBS add to the restructuring of Siemens Communications and to the dissolution of its Logistics and Assembly unit.

The recent moves are expected to cut costs by $1.82 billion as SBS head Adrian Hammerstein releases his position “by his own request.”

Upon the news, Forbes reports shares of Siemens were up 0.40 Euros, or 0.63%. The job cuts in Germany are part of a larger job cut in the Communications division where over 4000 jobs are expected to be cut.

Siemens Cuts Jobs In Germany
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