Siemens To Cut Jobs, Close Offices

Peter Loescher Siemens layoffs job cuts
Peter Loescher Siemens layoffs job cuts



By Maria Sheahan


(Reuters) - Germany's Siemens may outline job cuts and office closures on Thursday to stop profits sliding as customers put off ordering engineering equipment because of Europe's economic crisis.

Chief Executive Peter Loescher's strategy of boosting growth with energy-saving and infrastructure products has not worked and analysts expect him to present managers with a plan of up to 4 billion euros ($5.2 billion) in savings.