Siemens: No plan to cut 20,000 jobs

Friday, 24. August 2018 11:27

German conglomerate Siemens AG denied media reports that it could cut 20,000 jobs as part of its Vision 2020+ strategy, the engineering giant said in a release published on Friday.

"We do not follow the reasoning behind the figures named in the magazine article. No statements of this kind were made," the statement reads. Yesterday, Manager Magazine reported that Siemens CEO Joe Kaeser (pictured) intended to execute massive job cuts.

Meanwhile, the company asserted that no cost-cutting program was initiated by Siemens headquarters. "At the newly formed Business Unit for IoT Integration Services alone, Siemens plans to hire about 10,000 employees by 2025," the firm added.

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Breaking the News / BM