Munich/Berlin — German engineering giant Siemens said
a report by monthly Manager Magazin that it could cut 20,000 jobs as
part of its Vision 2020+ strategy was "completely unfounded".
"We do not follow the reasoning behind the figures named in the
magazine article. No statements of this kind were made," Siemens said on
Friday, adding that details of the new strategy were still being
worked
out.
Manager Magazin said on Thursday that Siemens aimed to reap cost
savings from slimming down administrative costs in personnel, legal and
finance, and at its shared services division, citing comments that CEO
Joe Kaeser made to investors at a roadshow at the beginning of August.
The report comes after Siemens unveiled its new strategy earlier in
August, which sees its five industrial divisions combined into three
operating companies to simplify the trains to turbines company and make
its structure leaner.
Under the changes, Siemens said it expected to lift the annual growth
rate and profit margin of its industrial business by two percentage
points over the medium term and increase its basic earnings per share at
a faster rate.
The group said at the time its corporate headquarters functions would
be leaner as a result of tasks being outsourced, but gave no details of
job losses.
"The newly formed Operating Companies are currently working on the
detailed planning," Siemens said on Friday, adding there were no plans
for a company-wide cost-cutting programme initiated by its headquarters.
Reuters
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