Siemens denies report that it may cut 20,000 jobs

MUNICH (Reuters) - German engineering giant Siemens <SIEGn.DE> denied on Friday a report by German monthly Manager Magazin that said it could cut 20,000 jobs as part of its "Vision 2020" strategy.

"We do not follow the reasoning behind the figures named in the magazine article. No statements of this kind were made," Siemens said in a statement.

Manager Magazin had on Thursday said Siemens aimed to reap cost savings from slimming down administrative costs in personnel, legal and finance, and at its shared services division.

(Reporting by Alexander Huebner; Writing by Maria Sheahan; Editing by Edmund Blair)