(MENAFN) German engineering group Siemens is planning to slash thousands of positions as weakening European economy hurts its businesses, Reuters reported, citing German newspaper.
The report, by daily Boersen-Zeitung, comes amid growing signs that Germany's economy, which remained relatively robust through large parts of the euro zone crisis, is cooling.
The newspaper said that decisions could be made in October or November.
In July, CEO Peter Loescher said Siemens would have to cut costs, but he did not indicate whether Siemens would cut jobs.
At the end of June, Siemens had 410,000 employees, of whom 129,000 were based in Germany. That makes it one of the country's biggest employers after Volkswagen and Deutsche Post DHL.
Siemens, Germany's biggest company by market value, reported a significant fall in new orders as customers halted investments due to Europe's crisis.
In Germany alone, orders were down by 43 percent in the first nine months of its financial year.
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