Siemens? new CEO Joe Kaeser will cut about 4% of the company?s total workforce, 15,000 jobs. The reduction comes after initial projections by the previous CEO of cutting 8,000 positions. The previous CEO was let go on July 25 after he was unable to reach savings and profits goals which would have brought the company more in line with GE and ABB. The company has had five forecasted cuts and its stock has declined by 22% within the past six years.
See "Siemens CEO Kaeser Cuts 15,000 Jobs to Catch Up With GE, ABB (1)", Alex Webb & Dorothee Tschampa, Bloomberg News, September 29, 2013