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Siemens Slashes 15,000 Jobs in Cost Saving Effort

 (Image source: Reuters)

Siemens AG (ADR) (NYSE:SI) will terminate 15,000 jobs, which represents about 4 percent of its global workforce. The job cuts are directly linked to the company’s cost cutting program, which intends to save about $8.1 billion annually. According to Bloomberg, Siemens is trying to use the planned savings to compete with General Electric Company (NYSE:GE) and ABB Ltd (ADR) (NYSE:ABB). For example, in terms of profit margin, the company lags behind both of its competitors mentioned above