Siemens reported it would need to cut a further 4,500 jobs as part of its global restructuring effort, with a view to making the company more competitive and profitable. 2,200 jobs would have to be slashed in Germany. The move was primarily aimed at improving the performance of the struggling power generation division.
The segment had been suffering from a difficult market environment as energy prices dropped sharply as did demand for Siemens' big gas turbines. The planned cuts come on top of the 7,800 redundancies that the firm announced in February - a figure that was later reduced to 7,400.
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