Siemens To Slash 4,200 Jobs (SI)
Siemens (NYSE: SI) has announced its plans to cut 4,200 information technology jobs worldwide. The move has been undertaken as a part of an ongoing business reorganization plan. Siemens’ (SI) Information technology unit currently employs 35,000 people. The company said that some of the cuts will be achieved by not renewing temp contracts.
Siemens has also planned to infuse fresh capital worth $688 million into the business by 2012. Siemens is trying to position its information technology unit as a stand-alone operating business. The company is planning to accomplish the task by the start of the next fiscal year. Siemens’ CEO Christian Oecking said that the company wants to create a “solid long-term foundation” for Siemens IT Solutions and Services.
