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| Siemens plans to cut 16,750 jobs | Siemens plans to cut 16,750 jobs |
| (20 minutes later) | |
| Siemens plans to cut 16,750 jobs worldwide as the German conglomerate streamlines its operations to weather the economic downturn. | Siemens plans to cut 16,750 jobs worldwide as the German conglomerate streamlines its operations to weather the economic downturn. |
| The company employs around 400,000 staff worldwide. The cuts amount to about 4.2% of the workforce. | |
| Siemens issued a profit warning in March and its shares have fallen almost 35% since the beginning of the year. | Siemens issued a profit warning in March and its shares have fallen almost 35% since the beginning of the year. |
| The firm plans to eliminate 5,250 jobs in Germany, where around 136,000 of its workforce is located. | |
| The Munich-based engineering group said the cuts will include 12,600 mostly administrative jobs. | The Munich-based engineering group said the cuts will include 12,600 mostly administrative jobs. |
| "Against the backdrop of a slowing economy, we have to become more efficient," said Peter Loescher, president and chief executive. | |
| The job cuts are part of a scheme to reduce costs by 1.2bn euros ($1.9bn; £0.95bn) by 2010. | |
| Siemens said it would only make forced dismissals as a last resort and would offer staff early retirement. | |
| The company has also been grappling with an alleged corruption scandal that involved accepting bribes to win overseas contracts. |