MUNICH/FRANKFURT: Siemens Chief Executive Joe Kaeser applied the finishing touches to his overhaul of the German industrial group with the announcement on Friday of 7,800 job cuts designed to streamline management and speed decision-making.
The roughly 2 percent cut to the trains-to-turbines group's global workforce will generate productivity gains of about 1 billion euros ($1.14 billion) by the end of 2016, Siemens said, as the company strives to close a profitability gap with rivals such as General Electric and Switzerland's ABB.
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