Industrial titan Siemens has announced that it will cut 2,400 jobs, a move that will likely damage an already stagnant German economy. The job cuts are the latest of several such housecleanings by German companies, underscoring the sharply divergent paths that German government and industry are taking as they confront difficult economic questions. Siemens, Germany's largest engineering company, said it had no choice but to make painful cuts.
See "Siemens Plans to Cut 2,400 Jobs in Already Stagnant Germany", Mark Landler, The New York Times, September 19, 2005