Siemens Slashing 7,000 More Jobs

jobs unemployment jobless recoveryGerman manufacturing giant Siemens (SI) will pare its workforce even further in order to trim costs.

Over the weekend, a company spokesperson said the company will shed 4% of its worldwide payroll. Of the 15,000 jobs to be lost, about a third will come from Germany-based operations while international units will see the remainder. The company had previously announced plans to cut 8,000 workers, Bloomberg notes.

In July, Siemens ousted CEO Peter Loescher after the company indicated that it would fall short of its earnings target for next year. Loescher’s firing likely motivated new CEO Joe Kaeser to become more aggressive with internal cost cutting. Siemens stock slid about 22% during the six years Loescher headed the company.

The company is currently negotiating with German unions to move forward with staff reductions in its home market, where it has completed about half of the planned layoffs.

Shares of Siemens fell more than 1% in pre-market trading on Monday.

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