Siemens AG to cut 7,000 jobs from Siemens Enterprise Networks

Market sources say that Siemens AG is planning to cut as many as 7,000 jobs from their telecommunications unit Siemens Enterprise Networks.

This would mean that the company would be cutting about 40 percent of the telecom unit’s worldwide work force.

This unit of the company faces intense competition from the players providing VoIP based telephony solutions.

Market experts believe that this decision is part of the restructuring plans of chief executive Peter Loescher to streamline the company operations.

Popularity: 5% [?]