Siemens to cut up to 5000 jobs: “Sometimes we have to do some re-engineering,” says CEO

Siemens, the German technology giant, announced plans to cut up to 5,000 jobs worldwide in its factory automation division following a steep decline in profits, CEO Roland Busch revealed.
The company reported a 46% drop in profit at its flagship digital industries business, prompting the need for significant restructuring measures.
“Sometimes we have to do some re-engineering because the developments weren’t as positive as we expected them to be,” Busch said. “This means we are going to have a low- to medium-sized four-digit amount which will affect some areas.”