Media: Siemens could face 20,000 layoffs

According to media, the industry giant will streamline the group's joint functions which could mean bidding farewell to up to five percent of employees. The move is part of the new strategy from CEO Joe Kaeser.

Photo: /ritzau/AP/Matthias Schrader

Germany industry giant and co-owner of wind turbine manufacturer Siemens Gamesa, Siemens, could be facing a reduction of approximately five percent of its workforce, corresponding to approximately 20,000 roles, reports German magazine Manager Magazin.

Earlier in August, CEO Joe Kaeser announced his strategy Vision 2020+, which aims to reduce the number of divisions in the large group the three instead of the current five.  According to Manager Magazin, Kaeser announced the dismissals in connection with meetings with several of the company's investors at the beginning of August.

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