Siemens to Cut 4500 Jobs

Europe's largest engineering company Siemens plans to cut 4,500 jobs, or about 1% of its total global workforce, months after it announced plans to slash more than 7,000 jobs.

The news came as it announced quarterly profits down 5% at 1.7bn euro ($1.3bn). About 2,200 of the job cuts will come from Siemens' German operations, the BBC reported The company said: "These measures are being taken in response to the persistently difficult environment in the global power generation market." The company's chief executive Joe Kaeser said: "The profitability of our Industrial Business shows that we must still improve some businesses." The company said its long-term strategy remains unchanged.

Siemens, whose business activities include electronics, trains and turbines, employs more than 340,000 people across the world. Siemens shares closed down 1.5% in Frankfurt.