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German Business Giant, Siemens Plans To Cut 4,500 Jobs

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German multinational conglomerate company, Siemens plans to cut 4,500 jobs or about 1% of its global personnel, months after it announced plans to lacerate more than 7,000 jobs.

The news came because quarterly profits are down 5% at €1.7bn (£1.3bn). According to company higher-ranking the preventive measures are being taken to the persistently difficult environment in the global market.

About 2,200 of the job cuts will directly come from Siemens’ German operations. Siemens is indulged in several business activities such as electronics, trains and turbines and has employed 340,000 people across the globe.

Price erosion, regulatory changes and aggressive competitors are the main challenges for the company to uphold the same position. The company’s chief executive Joe Kaeser said “The profitability of our Industrial Business shows that we must still improve some businesses.”

Siemens shares closed down 1.5% in Frankfurt.

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