Siemens to axe 15,000 jobs
German engineering giant, Siemens, is to cut 15,000 jobs worldwide as part of a £5billion cost-cutting drive.
The company plans to slash 4% of its 370,000-strong workforce over the next 12 months. Around 5,000 jobs will go in Germany, and a futrther 10,000 abroad.
The news comes after Siemens axed its former chief executive, Peter Loescher, in July this year after cutting forecasts several times.
Siemens' new ceo, Joe Kaeser, hopes the job cuts will save the company $8.5bn a year.
