Siemens to axe 15,000 jobs in cost-cutting bid

Europe’s largest engineering company Siemens will axe 15,000 jobs globally to help rescue a cost-cutting programme that cost the previous CEO his job.

A third of the cuts will come in the firm’s German home market, said Siemens spokesman Oliver Santen.

He declined to specify which other regions will be affected by the plan. Siemens has some 370,000 employees.