Siemens has announced a further 2000 job cuts, bringing the total number of employees axed by the firm this year to over 8000, as the firm suffers in the sluggish market.
The company gave the all too familiar "cost cutting drive" reason for the numerous pink slips, after poor market conditions hit its second-quarter results last month.
The job cuts will affect the ICN fixed-line telecoms equipment division, which saw earnings drop from £113m to £34m in the second quarter year-on-year. The cuts aim to slash costs by £499m. "The measures should clearly boost profitability," the company said.
Only recently Siemens made 2600 contractors redundant, closely followed by the axing of 3500 jobs in its networking unit, bringing this year's total losses to 8100.
However, shares were largely unchanged in early trading.
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