Siemens to cut 12,000 jobs

Siemens has announced that the company is going to cut nearly 12,000 jobs as they seek to restructure its business and take back the market share that the company has lost to its rivals.siemens logo

Joe Kaeser, who became the CEO of the company last August, has said that this move is a part of the company’s strategy to turn thing around. The CEO said that the move will affect at least 11,600 positions in the company. He also mentioned that some of the workers who will be relieved will be redeployed to different roles, where possible.

GE has already made a $16.9 billion for the company and has promised to create 1,000 jobs within three years of the deal. Siemens has proposed swapping its train business with Alstom’s energy business and has said that the company will make a formal bid before June 16.