Siemens AG has announced that it will cut almost 17,000 jobs, or 4.2 percent of its workforce worldwide, due to economic concerns. The job cuts will save the company about $2 billion. The majority of the cuts will occur in administrative positions. Union leaders have criticized the cuts, arguing that Siemens has been financially successful and that the company is not having trouble filling orders. However, the company and other analysts argue that the slowing worldwide economy is the driving force behind the cuts.
See "Siemens cutting 17K jobs worldwide to cut costs", George Frey, San Francisco Chronicle, July 7, 2008