Siemens May Lay Off Thousands from Its Digital Industries Division

Forex - In response to significant challenges in its industrial automation business, Siemens may lay off thousands of employees in its Digital Industries division. CEO Roland Busch stated at a press conference that the German holding is considering cutting a range of low to mid four-digit jobs globally, though no specific number was provided. As of September 2022, the division had 76,200 employees. Siemens expressed its intention to train those affected and noted that there are approximately 8,000 vacant job positions in other areas of the business. Fourth quarter revenue for Digital Industries fell by 19% to €4.58 billion ($4.84 billion), while orders in this sector declined by 8% to €4.25 billion.