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Siemens lays off 15,000

Another corporate giant is following the traditional post-crisis playbook. German conglomerate Siemens is planning to cut 15,000 jobs, according to Bloomberg. This is nearly double the company’s original target for layoffs, first announced last year as part of a broad cost-cutting exercise to put the venerable engineering group back on track after a series of missteps.

It’s no coincidence that the cuts come shortly after the arrival of Siemens’s new chief executive, Joe Kaeser, who took over in August after a long stint as the company’s chief financial officer. The previous CEO, Peter Löscher, was ousted after a rocky tenure that ended when a string of profit warnings angered investors and forced the board to act. The shares of the bellwether German industrial group have lagged the market for some time.

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