Industrial machinery maker Siemens says it will cut 7,800 administrative jobs worldwide as part of an effort to streamline the sprawling company and its many businesses. The Munich-based company stated Friday that 3,300 of the job losses will be in Germany. Siemens CEO Joe Kaeser says the cuts are part of an ongoing restructuring – whose aim is to ‘get the company back on a sustainable growth path and close the profitability gap to our competitors.’ Siemens said the cuts would save 1 billion euros this year alone that the company could put into growth initiatives such as research and development. As a result, it said overall head count would remain roughly the same. Siemens had 341,000 employees at year-end in more than 200 countries.
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