Siemens will cut about 6,900 jobs, or close to 2 percent of its global workforce, mainly at its power and gas division, which has been hit by the rapid growth of renewables. Most of the cuts, about 6,100, will be made before 2020 at Siemens's Power and Gas division, which once thrived on supplying large gas turbines for electricity generation but has been overtaken by the global surge in solar and wind capacity. "The power generation industry is experiencing disruption of unprecedented scope and speed," Siemens management board member Lisa Davis said. ...
Siemens to cut 6,900 jobs globally amid shift to renewable energy
Siemens said roughly half of the job cuts would be made in Germany, a move likely to be unpopular with politicians currently trying to form a government