Siemens plans 16,750 job cuts to boost margins

ON THE BRINK

Siemens aims to eliminate 5,250 in Germany, Chief Executive Officer said in a speech handed to reporters today in Munich, where the company is based. The reductions represent about 3.9 per cent of the workforce. Another 4,150 further positions will be "affected" by the company's reorganisation, the CEO said.

Loescher set a target in April to cut