The German technology titan is slashing its workforce amid a 2-year restructuring plan, the 1st year of which ended yesterday. Siemens has another 7,500 jobs to clear before this time next year.
The healthcare division should be exempt from the latest round of cuts, having already undergone its own restructuring and layoffs last year. The overhaul of the healthcare division served as as template for the cuts company-wide, according to the Wall Street Journal.
Siemens has recently faced some inner turmoil amidst the ouster of former CEO Peter Löscher, who was booted from the helm late in July. Löscher’s departure, which cut his contract short by 4 years, came in the wake of several missed earnings reports and profit warning letters for Siemens.