Siemens Energy to cut 7,800 jobs in bid to raise margins

FRANKFURT: Siemens Energy, which supplies turbines to the power sector, said on Tuesday it will cut 7,800 jobs, or 8.5% of its workforce, by 2025 to raise margins and competitiveness.

“The energy market is significantly changing which offers us opportunities but at the same time (it) presents us with great challenges,” Chief Executive Officer Christian Bruch said.