German electronics company Siemens has confirmed it is set to cut thousands of jobs.
The firm revealed that its latest cost-cutting move means it will be letting 15,000 members of staff go in a bid to save money.
Around 5,000 of the jobs will be lost in Germany, with the remaining 10,000 to be cut in other nations, it was confirmed by the company.
Siemens stated that it needs to cut about four per cent of its 370,000-strong workforce in total in order to bring its finances under tighter control.
Peter Loescher, the former chief executive of the firm, was sacked earlier in the year as a result of the falling profitability of the business.
The share price of Siemens is down this morning (September 30th) on the back of the news it is cutting 15,000 jobs.
At 08:33 BST, stocks in the firm were selling for over one per cent lower than at the start of the day’s trading on the Xetra in Frankfurt.
Find up to date information on the FTSE 100 and spread betting strategies at City Index