German engineering giant Siemens is planning to shed up to 15,000 jobs as part of a €6bn cost-cutting programme.
The figure would represent roughly 4 per cent of the industrial heavyweight's 370,000-strong global workforce, with 5,000 jobs going in Germany and another 10,000 jobs abroad, though a spokesman told various news agencies it would try to avoid compulsory redundancies.
The Munich-based, which makes everything from trains to medical scanners, and its unions have reached an agreement over about half of the job cuts and a deal on the other half will follow, according to the spokesman.
The move comes just two months after former CEO Peter Loescher was replaced by Joe Kaeser after repeatedly missing profit targets, as the firm looks to cut costs by roughly €6bn (£5bn).
In Germany, the company plans to lay-off 2,000 positions at its industrial unit, 1,400 at its energy and infrastructure business, 1,400 in the energy sector, and the remaining 200 in its administrative department.