German industrial giant Siemens to cut 4,500 jobs

German industrial giant Siemens to cut 4,500 jobs

German industrial giant Siemens plans to cut 4,500 jobs, or about 1% of its total global workforce, months after it announced plans to slash more than 7,000 jobs.

The news came as it announced quarterly profits down 5% at €1.7bn (£1.3bn).

The company said: "These measures are being taken in response to the persistently difficult environment in the global power generation market."

About 2,200 of the job cuts will come from Siemens' German operations.

Siemens, whose business activities include electronics, trains and turbines, employs more than 340,000 people across the world.

Siemens said price erosion, regulatory changes and aggressive competitors were among the challenges the company faces.

The company's chief executive Joe Kaeser said: "The profitability of our Industrial Business shows that we must still improve some businesses."

The company said its long-term strategy remains unchanged.

Siemens shares were slightly lower in Frankfurt morning trading.

Source: BBC