Siemens has announced job cuts of 4500 employees today, Business Economics

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Siemens has announced job cuts of 4500 employees today

Siemens has announced job cuts of 4,500 employees today because a drop in industrial profits to 1.70 billion euros from forecast level of 1.78 billion euros. The new cuts come on top of 7,400 job losses announced earlier. Why is Siemens doing this when its profitability margins are comparable to its major competitors such as GE and ABB?

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