The fortunes of Europe's telecommunications industry appears to be taking another hit with reports that German telecom giant Siemens will be forced to cut roughly 4000 workers from its telecommunications-equipment unit, with another 3000 workers to be reassigned to another division. The cuts are expected to bring much public outcry in union-strong Germany, which has already seen the closing of its Nokia plant. The Siemens cuts are part of a plan by new CEO Peter Loscher to boost profits and cut costs.
See "Siemens's Job Cuts Reflect Telecom Woes", Mike Esterl, The Wall Street Journal, February 25, 2008