Germany's Siemens cut thousands of jobs

Germany's electronics and home appliance giant Siemens announced Monday it will cut as much as 4, 000 jobs in the next two years.

The biggest cut will come in the company's communications division and more than 2,400 jobs will be cut in Germany.

In the computer services department of the communications division, 295 jobs, will be outsourced to India, the German news agency DPA reported.

"Siemens defined the 'Fit4More' program in April 2005 with the goal to reach all margin targets agreed upon and to put the company on course of sustainable profitable growth," Siemens said in a press release.

Source: Xinhua