Siemens, the German engineering and electronics company, plans to cut 17,200 mostly white-collar jobs as it seeks to reduce its cost base, a person close to the company said Sunday. The payroll cuts, which will include 6,400 jobs in Germany, represent one of the boldest moves yet by the new chief executive to bring costs under control at the company as part of a restructuring. It also reflects the belief among top Siemens executives that the company must move quickly to streamline its operations before a slowing global economy takes away its room to maneuver. The person close to the company asked not to be identified because the plans will not be officially announced until the Siemens workers' council meets with management on July 7 for discussions on the layoffs.
See "Siemens to cut 17,000 jobs worldwide", David Jolly, International Herald Tribune, June 29, 2008