Feeds

Siemens expected to announce job cuts, closures

Six hundred suits summoned by chief to hear the news

High performance access to file storage

Siemens chief Peter Loescher will outline a plan today on how the industrial tech giant will attempt to save up to €4bn ($5.2bn, £3.2bn), one that is widely expected to include jobs cuts and office closures.

Despite the German economy's strength compared to the rest of Europe - or even arguably most of the world - global hard times have hit the firm anyway because demand for its exports has fallen.

According to German media reports, Loescher will tell a meeting of 600 managers in Berlin today that the company needs a new plan, one that could cause some of them to lose their jobs. At the moment the company is active in communications, automation, software and non-IT fields such as power generation.

Since Loescher took over at the firm in 2007, Siemens has sold assets and re-invested in its growing business and sales were looking good. But as the global economy takes longer and longer to recover, sales are dropping. Loescher said in July that orders had fallen and analysts expect third quarter profits to reflect that.

Siemens has invested heavily during recent times in renewable power, including solar, wind and hydro businesses, hoping that there would be a boom in the tech. But saving the planet is the last thing on a lot of countries' minds as they struggle with rising unemployment and dismal economic outlooks.

Thousands of jobs could be cut at the firm to save the money and offices in 190 countries are also at risk. ®

High performance access to file storage

More from The Register

next story
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
France bans managers from contacting workers outside business hours
«Email? Mais non ... il est plus tard que six heures du soir!»
prev story

Whitepapers

Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.