2/2, 9:19 AM (Source: TeleTrader)
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Siemens Energy to cut around 7,800 jobs

Siemens Energy will reduce its workforce by some 7,800 employees, the company announced on Tuesday. The job cuts will influence the firm's gas and power segment.

Around 75% of the job reductions will be in management, administration and sales, Siemens Energy added. The company explained it needs to make the cuts as part of its cost reduction scheme which will also include scrapping bids on contracts for new coal-fired power plants. Germany will be most impacted by the job cuts as 3,000 employees will be let go in the country. Meanwhile, 1,700 people will be leaving their jobs in the United States. The process is expected to be finalized by the end of fiscal 2025.

"With this program, we want to regain our competitiveness and financial strength to shape the energy world of tomorrow. We are fully aware that this is a challenging program for our employees. Hence, we will undertake these measures in the most socially responsible way possible," CEO Christian Bruch (pictured) said.

Breaking the News / VP