Siemens, facing a 46% profit drop in its digital industries division, plans to cut up to 5,000 jobs. CEO Roland Busch cited the need for restructuring

Siemens could cut up to 5,000 jobs worldwide in its struggling factory automation business, Chief Executive Roland Busch said on Thursday. "Sometimes we have to do some re-engineering because the developments weren't as positive as we expected them to be,

German tech conglomerate Siemens may cut up to 5,000 jobs globally in its factory automation sector owing to ongoing struggles, reported news agency Reuters. CEO Roland Busch announced the potential cuts on Thursday.

Siemens is planning to layoff up to 5,000 workers in its factory automation division. The news comes from CEO Roland Busch, after the company's digital industries sector saw a major profit drop. "Sometimes we have to do some re-engineering because the developments weren't as positive as we expected them to be," Busch said.