Siemens to slash 4500 jobs

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Siemens to slash 4500 jobs

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More jobs are to go at Siemens after the German industrial giant
posted a larger-than-expected drop in quarterly profits.

Siemens says its digital factory unit underperformed, compounding problems in the energy division.

Four thousand five hundred jobs are to go, with half in Germany, or 1% of the global workforce, many from the gas turbines business which has been hit by poor demand and price erosion. The company’s sprawling portfolio also contains other loss-making divisions.

Analysts say Siemens will struggle to raise industrial margins to 10-11% in the short term.