Siemens could be about to announce a rack of job cuts as part of moves to restructure the business and stem losses, according to reports from Germany.

Some 1,300 jobs are due for the chop at Siemens' SBS IT division, according to a report by Sueddeutsche-Zeitung by way of AFX, as it seeks to find €1.5bn in cost savings.

Details of the job losses and associated cost-cutting measures could be released as early as next week, said the report.

At the weekend, Der Spiegel reported that up to 10,000 jobs could be axed from three of the firm's operations.

However, Reuters quotes a Siemens spokesperson as saying that the reported job losses at Siemens IT, telecoms and logistics and assembly divisions were "exaggerated". ®

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