August 23, 2018 / 10:16 AM / 3 months ago

Siemens could cut 20,000 jobs as part of 'Vision 2020' strategy: Manager Magazin

FILE PHOTO: The headquarters of Siemens AG in Munich, Germany, November 9, 2017. REUTERS/Michael Dalder/File Photo

FRANKFURT (Reuters) - German engineering giant Siemens sees potential for 20,000 job cuts at its as part of its “Vision 2020” strategy, Manager Magazin said in its online edition on Thursday.

The cost savings will come from slimming down administrative costs in personnel, legal, finance and at its shared services division, Chief Executive Joe Kaeser told investors at a roadhow at the beginning of August, Manager Magazin reported.

Reporting by Edward Taylor; Editing by Douglas Busvine

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