Siemens workers have taken to the streets of Berlin to protest plans to slash thousands of jobs. News of the cuts came shortly after the company posted a record profit of over six billion euros.
Labor unions have reacted angrily to layoff plans unveiled by the management of the German conglomerate, which aims to cut costs in its energy business to adjust to the disruption sweeping through the industry.
The German engineering giant is expecting bumper profits in the wake of a massive restructuring that will also cut thousands of jobs. But Siemens believes a new, leaner structure is vital for long-term growth.
The German engineering giant has revealed the scale of difficulties faced by its power and gas unit, where profits fell 40 percent in Q4. Up to 6,000 job losses have been announced at its wind turbine business.
Former Siemens chief Klaus Kleinfeld is back with a bang. Just half a year after his involuntary departure from US company Arconic he's now in charge of one the world's most spectacular infrastructure projects.
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