Siemens is going to reduce its number of employees by up to 5 thousand. CEO Bush says that many times re-engineering is also necessary when development is not being done as expected. According to Reuters, Siemens has cited the report saying that the company’s profits have decreased by 46 percent. This deficit is stated in the flagship Digital Industries Division. However, the exact number has not been stated about how much the company will reduce the total jobs. But the management has made it clear that the company is scheduled to have strategy based adjustments and it is most needed at this time.
The company has presented the results of the fourth quarter of the financial year 2024. In these, Tech Giants have highlighted the influence of global geopolitical and comprehensive economic challenges. But despite these challenges, the company has reported that it has done better in profit industrial business. The company has done a business of 3.1 billion euros in which it received a profit margin of 15.5%.
CEO Bush further said that this year has been a year of geopolitical and economic challenges. In view of the elections held in the US and the political situation going on in Germany, such a struggle can continue for the company.
Siemens expects only a slight comprehensive economic growth in the coming year i.e. 2025. Trade struggle, over capacity and decreasing consumer demand manufacturing sector is threatening. The company says that it is focusing on long term growth for which it is trying to balance its position in the market by reducing the workforce.
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