By Greg Robb, MarketWatch
WASHINGTON (MarketWatch) -- Siemens AG said Sunday that it plans to cut 15,000 jobs over the next year as part of a restructuring program, according to news reports.
The German engineering giant (SI) has been going through some turmoil this year, naming Joe Kaeser as its new chief executive and Ralf Thomas as its chief financial officer.
The company said this summer that it wouldn't meet profit targets for the year and, as a result, restructuring has been under discussion.
The reports quote an unidentified spokesman for Siemens as saying that a third of the jobs will be cut in Germany and 10,000 from its overseas operations.
-Greg Robb; 415-439-6400; AskNewswires@dowjones.com
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(END) Dow Jones Newswires
09-29-13 1011ETCopyright (c) 2013 Dow Jones & Company, Inc.
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