Siemens to cut 16,000 jobs worldwide

Electronics giant Siemens is to axe more than 16,000 jobs across the world as the credit crunch continues to bite.

About 5,250 jobs will go in Germany, where the firm is headquartered, with a further 5,150 elsewhere in Europe and 6,350 on other continents.

The company said the axe would fall mainly on those in administrative roles. UK-based Siemens staff have yet to discover whether they will be affected.

Chief executive Peter Löscher said: “The speed at which business is changing worldwide has increased considerably, and we’re orienting Siemens accordingly. Against the backdrop of a slowing economy, we have to become more efficient.”

Meanwhile, housebuilder Persimmon revealed it had shed in excess of 1,000 jobs in 2008 after revealing that completions of house sales in the first six months of the year were down 30%.

The British Chambers of Commerce said yesterday that the UK was on the brink of a recession, with job expectations extremely low.

Last November, Siemens announced plans to slash sales, general and administrative costs by almost £1bn by 2010. Savings in personnel are seen as a major part of that programme.

Siemens currently employs about 400,000 staff worldwide.

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