Siemens fires 11,600 employees amid cost reduction

Source: Bloomberg
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Siemens AG (SIE) will remove more than 11,600 positions, as the company cuts about one billion Euros ($1,34 billion) in costs, chief executive officer, Joe Kaeser, said. Siemens plans to lay off 3% of the workforce, including 4,000 as a result of pruning down its regional operations. Siemens shares declined 1.1% this year; however, today the price increased 0.5% to 98.24.
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